KARACHI: Standard Chartered Bank (Pakistan) Limited yesterday announced its Annual Results for 2017.
The Bank performed fundamentally well and delivered Profit before tax of PKR 13.5 billion.
Revenue was lower by PKR 1.1 billion primarily due to reduced margins and re-pricing within the investments portfolio. However, client revenue across all segments has increased and is up by 11per cent year on year. The impact of margin compression on revenue was partially offset by growing non-funded income and decreasing cost of funds.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending with a decrease of 4per cent from comparative period last year.
A historic milestone was achieved in this period whereby the Bank’s total assets crossed over PKR 500 billion. All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 21per cent since the start of 2017. 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 3per cent, whereas current and saving accounts grew by 1per cent since the start of this year. The continuous increase in low cost deposits has significantly supported the Bank’s performance with current and savings accounts comprising 92per cent of the deposit base.
Final cash dividend of 10per cent (PKR.1/- per share) has been recommended by the Board of Directors for approval at the 12th Annual General Meeting of the Bank’s shareholders. This is in addition to 7.50per cent (PKR. 0.75/- per share) interim cash dividend announced / paid during the year.
Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “These results further demonstrate our commitment to delivering a consistent and sustained performance. Having strengthened our foundations on controls and conduct, we recognise the importance of re-energising growth with a focus on income whilst closely monitoring cost and risk management. This ensures that returns continue to grow at a sustainable level. This year a historic milestone has been achieved where by the Bank’s total assets crossed over 500 billion. The external environment remains challenging and we are committed to improving our performance whilst ensuring our clients’ needs are at the heart of everything we do.” News Desk