Standard Chartered Bank Pakistan Posts 30% Profit Growth in Q1 2023

Standard Chartered Bank Pakistan also maintained significant growth in its balance sheet which reported a profit of Rs. 9.19 billion during the first quarter of 2023 with a handsome growth of 30% from the same period of the previous year.

The profit growth is attributed to higher interest rates which were jacked up by the central bank to an alarmingly level but this growth impetus the profit growth of the bank and Standard Chartered Bank is no exception.

The bank delivered a strong profit before tax of Rs. 16.1 billion for Q1 2023, registering an increase of 37 percent year on year.

The performance was driven by strong income growth, as well as continued cost and risk discipline.

On the liabilities side, the bank’s total deposits stood at Rs. 729 billion, up by Rs. 10.3 billion, whereas current and saving accounts grew by Rs. 28 billion (up 4 percent) since the start of 2023 and comprise 98 percent of the deposit base. On the assets side, net advances increased by 6% and the bank continues to follow a prudent lending approach. With a strong Return on Equity (ROE) of 42.3 percent for the period and a Capital Adequacy Ratio (CAR) of 16.8 percent, the Bank remains well-positioned for future growth.

Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialization, and structured offshore offerings. At all times the Bank strives to maximise the contribution to State Bank’s initiatives.

In line with the State Bank’s efforts on financial inclusion, with an enhanced digital offering, Standard Chartered is now able to reach more clients across the internal country and provide them with the convenience of opening accounts as well as subscribing to products and banking services online.

Overall, the bank’s transformation journey stands well-curated, closely aligned with Pakistan’s landscape and helps lift participation through digitization. Sustainable finance along with digital solutions for clients and their ecosystem stay are areas of keen focus.

Commenting on the results, Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, said, “Our results for the first quarter of 2023 amid a tough external environment have set a strong and optimistic tone for the year and we plan to build on this momentum going forward. The results demonstrate solid foundations and a clear path towards delivering on our strategic priorities. They are also reflective of our commitment to the country and our desire to capture opportunities in the market whilst providing best-in-class banking services to our clients”.

“We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. Our pivot to digital continues based on adopting best practices, leveraging the network’s expertise, and incorporating feedback from our clients in our offerings,” he added.

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