Standard Chartered Bank (SCB) made a profit of Rs. 11.9 billion in the first nine months of 2020 with a slight growth of 4 percent year-on-year. The earnings per share (EPS) of the bank stood at Rs. 3.05.
According to the financial results, the bank’s profit before tax stood at Rs. 19.9 billion as compared to Rs. 19.7 billion in the corresponding period last year.
With revenue of Rs. 32 billion, the overall revenue growth was 12 percent, whereas client revenue increased by 19 percent year-on-year with positive contribution from Financial Markets, Retail Products, and Transaction banking.
The current slowdown in the economic activity due to COVID 19 impacted the advance’s momentum. The bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and is maintaining adequate provisions, where required.
Total deposits for SCB crossed Rs. 550 billion. With a growth of 22 percent year to date, total deposits closed at Rs. 570 billion, with current and saving accounts constituting 94 percent of the deposits base. The incremental liquidity generated is currently deployed in government securities and interbank lending thereby resulting in an increase of 17 percent in total assets, which crossed Rs. 700 billion to close at Rs. 728 billion.
Commenting on the results, Rehan Shaikh SCB’s Chief Executive Officer said,
I am pleased to announce the third quarter of 2020 results. The bank has delivered a resilient financial performance.
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