Standard Chartered Bank (Pakistan) Limited today announced its Q3 Results for 2020.
The Bank delivered a resilient financial performance in Q3 2020 with year to date Profit before tax of PKR 19.9billion as compared to PKR 19.7billion in the corresponding period last year.
With Revenue of PKR 32 billion, the overall revenue growth was 12per cent, whereas client revenue increased by 19per cent year on year with positive contribution from Financial Markets, Retail Products and Transaction banking. Cost discipline continues with only 5per cent year on year increase in operating expenses.
The current slowdown in the economic activity due to COVID 19 impacted the advances momentum. The Bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and is maintaining adequate provisions, where required.
The Bank achieved another milestone as total deposits crossed PKR 550 billion. With a growth of 22per cent year to date, total deposits closed at PKR 570 billion, with current and saving accounts constituting 94per cent of the deposits base. The incremental liquidity generated is currently deployed in government securities and interbank lending thereby resulting in an increase of 17per cent in total assets, which crossed PKR 700 billion milestone to close at PKR 728 billion.
Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to announce the third quarter 2020 results. The Bank has delivered a resilient financial performance.
While the external environment remains challenging, we expect a gradual recovery from the impact of Pandemic. Our results demonstrate our strong business fundamentals. The bank continues to invest in its digital capabilities to enhance our clients’ banking experience by offering innovative solutions. Having strengthened our foundations on controls and conduct, we are well equipped to effectively manage our risks, capital and liquidity. The prudent and proactive measures that we are taking now will make us agile and nimble to take advantage of the opportunities that will come up in the future.”