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Karachi, August 29, 2013 (PPI-OT): Standard Chartered Bank (Pakistan) Limited announced its H1 2013 results. The Bank continues to build on the business momentum despite challenging economic and external environment.
The half yearly profit of the bank (before tax) is PKR 7.2 billion in the first half of 2013 compared to PKR 3.9 billion in the first half last year. The Bank’s earnings per share in the current half is PKR 1.21 versus PKR 0.65 in the first half last year.
Standard Chartered Bank has a 150 year history in the region and continues to pursue its strategy of focused growth, improved cost discipline and prudent credit expansion. Since 2012, there has been continuous reduction in discount rates which have significantly impacted the revenue base of the bank.
However, we have been successful in maintaining revenue at similar levels by increasing business volumes and improving margins. Costs have been managed despite investment into franchise and ongoing inflation, while dedicated efforts on recoveries have resulted in net releases in loan impairments.
The deposit momentum continued with a growth of almost 9% since the start of this year. The continuous growth in low cost deposits has significantly supported the bank’s performance with current and savings account now comprising over 90% of the deposits base. This composition and average cost is one of the best in the industry.
Interim cash dividend of 10% (Re.1/- per share) in respect of the half year ended June 30, 2013 has been declared by the Board of Directors in their meeting held on August 28, 2013.
Commenting on the results Mohsin Nathani, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate the diversity and resilience of our business. In the backdrop of economic challenges and our 150 year presence in Pakistan, we believe in sustained growth by continue focusing on our clients and customers and a prudent approach to building the balance sheet.”
Though the external environment remains challenging the Bank maintains its strategy of focusing on assets growth and retail liabilities pursued for sustainable growth of the franchise.
For more information, contact:
Farhan Ahmed
Head of Corporate Affairs
Standard Chartered Bank (Pakistan) Limited
1st Floor, New Jubilee Insurance Building,
I.I.Chundrigarh Road, P.O.Box 5556,
Karachi.
Fax: 0092-21-38140902
Tel +92 213 2450239
Cell +92 302 8241311
Email: Farhan.ahmed@sc.com