Lahore: Standard Chartered Bank (Pakistan) Limited today announced its H1
Results for 2021.
The Bank has delivered a resilient financial performance with a Profit before tax
of PKR 12.0 billion. Revenue was lower as compared to last year primarily due to sharp reduction in interest rates in Q2’20, subdued economic activity and market volatility which impacted foreign
exchange income, revaluation income on derivatives and gain on sale of securities.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending with a reduction of 1% compared to same period last year. Moreover, strong recoveries of bad debts, coupled with lower impairments as a result of prudent risk approach led to a net release of PKR 0.7 billion in H’21.
All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by PKR 39 billion or 22% since the start of this
year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolio. With a diversified product base, the Bank is well positioned to cater for the needs of its
clients. On the liabilities side, the Bank’s total deposits grew by PKR 32 billion or 6%, whereas current and saving accounts grew by PKR 30 billion since the start of this year and comprise 93% of the deposit base.
Standard Chartered Bank (Pakistan) continues to make good progress against well-defined strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialization and structured offshore offerings. The network
advantage has also enabled the Bank to generate over $200M in funding of Roshan Digital Account in addition to carrying out several high profile transactions for Clients and Government of Pakistan. Facilitating clients through personalised wealth advice based on superior insight has led
to an increase in wealth business by 20%. Ongoing technological advancements and investments.
