BANKING

Standard Chartered Pakistan announces results for the period ended 30 September 2018

KARACHI: Standard Chartered Bank (Pakistan) Limited today announced its results for the nine months period ended 30 September 2018.

The Bank performed fundamentally well with a Profit before tax of PKR 12.6 billion compared to PKR 10.6 billion in the corresponding period last year, delivering a growth 20per cent year on year.

Overall revenue growth was 5per cent, whereas client revenue has increased by 9per cent year on year with a positive contribution from transaction banking, financial markets, and retail deposits.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from a pickup in net advances, which have grown by 8per cent since the start of this year. With a diversified product base, the Bank is well positioned to cater to the needs of its clients.

On the liabilities side, the Bank’s total deposits grew by 9per cent, whereas current and saving accounts grew by 10per cent since the start of this year. The continuous increase in low-cost deposits has significantly supported the Bank’s performance with current and savings accounts comprising 93per cent of the deposit base.

Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank said, “The Bank continues to perform well in 2018. Our client-focused approach in unparalleled as we invest in our digital and advisory capabilities. We are becoming more innovative and are ever more responsive to our clients’ needs. We have also made steady progress in further strengthening our control and compliance environment. We are well capitalized, highly liquid and are becoming stronger, leaner and more efficient.”