Tuesday, May 28, 2024

SCB Pakistan reports historic profit of Rs 89.2 bn

Standard Chartered Bank (Pakistan) Limited (SCB) revealed its Annual Results for 2023, showcasing an unprecedented performance.

The bank reported a staggering Profit before tax of PKR 89.2 billion, marking a remarkable 78 percent increase from the previous year. Moreover, its Profit after tax soared by an impressive 115 percent to reach PKR 42.6 billion, setting a new record since its inception.

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The stellar financial results were bolstered by a robust growth in overall revenue, surging by 72 percent, with client revenue witnessing a remarkable 78 percent year-on-year increase across all segments. Operating expenses rose by 29 percent in line with prevailing inflationary trends, yet prudent risk management strategies and recoveries of bad debts resulted in a net release of PKR 163 million in loan impairments.

On the asset side, the bank achieved a significant milestone by crossing the PKR 1.0 trillion mark in total assets, representing an 8 percent growth since the beginning of the year. Meanwhile, total deposits surged to PKR 720 billion, with current accounts witnessing a healthy 10 percent growth to comprise 50 percent of the deposit base.

In addition to its financial achievements, the bank contributed approximately PKR 63.5 billion to the national exchequer through direct income taxes and as a withholding agent for Federal and Provincial Tax Authorities during 2023. With a robust Return on Equity (ROE) of 46.4 percent and a Capital Adequacy Ratio (CAR) of 20.1 percent, Standard Chartered Bank (Pakistan) Limited remains well-positioned for future growth.

The Board of Directors recommended a final cash dividend of 25 percent, in addition to the interim cash dividend of 65 percent, resulting in a record high total dividend pay-out of 90 percent.

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Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, expressed pride in the bank's exceptional performance, attributing it to years of transformative efforts and a resilient business model. Shaikh emphasized the bank's commitment to sustainable growth, driving income growth, and enhancing operational efficiency through simplification and digitization initiatives.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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