Standard Chartered Pakistan posts record profit before tax of PKR 89.2bn

KARACHI, 26 February 2024 – Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank announced its Annual Results for 2023 today.

Highlights:

• Highest ever profit after tax of PKR 42.6bn; up 115 per cent YoY

• All time high income of PKR 107.5 bn; up 72 per cent YoY

• Total assets crossed PKR 1.0 trillion milestone, up 8 per cent from start of the year

• Strong Return on Equity of 46.4 per cent

• Highest ever dividend pay-out of 90 per cent

The Bank delivered a record performance in 2023 with a Profit before tax of PKR 89.2 billion, which is 78 per cent higher than last year. Profit after tax registered a growth of 115 per cent to close at PKR 42.6 billion, highest ever since its incorporation.

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Overall revenue grew 72 per cent whereas client revenue increased by 78 per cent year on year with positive contributions from all segments. Operating expenses increased 29 per cent from last year in line with prevalent inflationary trend. Moreover, prudent risk approach coupled with recoveries of bad debts led to a net release of PKR 163 million in loan impairments during the year.

On the asset side, the Bank achieved a milestone of crossing PKR 1.0 trillion in total assets, which grew 8 per cent from start of the year. On liabilities side, the Bank’s total deposits stand at PKR 720 billion. Current accounts registered a healthy growth of PKR 34 billion (up 10 per cent) since the start of the year and comprise 50 per cent of the deposit base.

During 2023, the Bank contributed around PKR 63.5 billion to the national exchequer in lieu of direct income taxes and as a withholding agent of Federal / Provincial Tax Authorities.

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With a strong Return on Equity (ROE) of 46.4 per cent for the year and Capital Adequacy Ratio (CAR) of 20.1 per cent, the Bank remains well positioned for future growth. On the back of robust performance and a well-capitalised balance sheet, the Board of Directors have recommended a final cash dividend of 25 per cent (PKR 2.50 per share). This is in addition to the 65 per cent (PKR 6.50 per share) interim cash dividend announced during the year, thereby taking the total dividend pay-out to a record high of 90 per cent (PKR 9.00 per share).

Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said: “We are incredibly proud to announce our exceptional performance in 2023, delivering highest ever profit for the franchise. These results are a testament to the work we have put in over the last few years to transform and grow our business. The results also signify the strong foundations, resilient and innovative business model, trust of our clients and the value that we are creating for our shareholders.

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We aim to build on this success by taking action to deliver sustainably higher returns with a focus on driving income growth and improving operational leverage. We will continue to pursue simplification and digitisation of our business with a goal to further improve our productivity, client and employee experience and create capacity to reinvest in incremental growth initiatives.

Although the external environment remains challenging, we are committed to sustainable growth in our performance, whilst delivering innovative solutions for our clients and contributing positively to Pakistan’s progress.”

ENDS

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