Standard Chartered Shows a Remarkable 39 percent Profit Growth in H-1 2019 - Android

Standard Chartered Bank showed outstanding financial performance in the first half of 2019, recording profit growth of 39 percent year-on-year.… Read More

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Standard Chartered Bank showed outstanding financial performance in the first half of 2019, recording profit growth of 39 percent year-on-year.

According to the financial reports, the bank made a handsome profit of Rs. 7.23 billion in the first half of 2019 as compared to Rs. 5.18 billion recorded in the same period of last year, showing addition of Rs. 2 billion in the profitability this year.

The bank’s profit and revenues were driven from interest income, which increased to Rs. 4.4 billion in 2019.

Overall, revenue growth was outstanding year-on-year due to strong contribution from transaction banking, corporate finance, treasury markets, and retail products. In-country operating expenses decreased by 4 percent year on year, on account of spending, mainly in the bank’s products, services, and people to grow the franchise.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances since the start of this year. It was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.

On the liabilities side, the bank’s deposits grew by 3%, whereas current and saving accounts grew by 4% since the start of this year and form 95% of the deposits base.

The optimal funding structure of the balance sheet continues to support the bank’s performance.

Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said,

I am delighted to announce the First Half 2019 results. The bank has performed exceptionally well and has delivered a 52% higher profit before tax than the corresponding period last year. These results further demonstrate our commitment to delivering a consistent and sustained performance while leveraging our unique capabilities, digital strength and network presence. We are determined to drive commerce and help our clients achieve prosperity across our footprints. While challenges in the external environment persist, there is an optimistic enthusiasm for the rest of the year. We are fully committed to sustained growth by consistently focusing on our clients and bringing to them a best in class product suite and services.

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