Standard Chartered Bank Pakistan Limited (SCBPL) reported an increase in pre-tax profit of 98% year on year to Rs 36.4 billion in the third quarter of 2022.
The bank’s overall income increased by 70% to Rs 45.1 billion, with positive contributions from all segments.
Despite the high inflation environment and ongoing infrastructure investment, operating expenses are well managed through efficiency and discipline, with a 12% increase over the same period last year.
Due to the general supply reversal of Covid-19, there was a net release of Rs 1.5 billion with fewer impairments and stronger recoveries during the period, compared to a net release of Rs 0.8 billion in loan impairments in the comparable period.
The bank is well positioned to meet the needs of its customers due to its diverse product offering.
On the liabilities side, the bank’s total deposits increased by 17% to Rs 108.0 billion, while current and savings accounts increased by 21% year to date to Rs 119.0 billion. Basis of accumulation.
The bank is well positioned for future growth, with a strong Return on Equity (ROE) of 23.5 percent and a Capital Adequacy Ratio (CAR) of 17.7 percent for the period.
Advances have slowed slightly since the beginning of the year, and the bank is continuing to monitor the portfolio in the current economic environment as part of its strategy to build a profitable, efficient, and long-term business.
The bank continues to priorities sustainable finance with digital solutions for customers and their ecosystem.
Through its ‘Future Makers by Standard Chartered’ initiative, Standard Chartered continues its efforts to combat inequality and promote economic inclusion for young people in the community.
Standard Chartered has also contributed to the relief and rehabilitation of communities in Pakistan affected by the recent devastating floods.
SCBPL CEO Rehan Shaikh stated that the results for the first three quarters of 2022 clearly reflect strong fundamentals, improved productivity, and good progress toward meeting strategic priorities.
“The results give me confidence that we have the right strategy in place to deliver real value to our clients, our investors and the communities in which we operate. Thank you for the continued trust and to our partners and colleagues for their commitment, passion and hard work to support the Bank in its journey,” he added.
“We are investing heavily in our people, giving associates the skills they need to succeed, bringing expertise in key areas and a more innovative and agile operating model,” Sheikh said, are evolving, as we strive to drive innovation and further enhance our operational efficiency,” commented Shaikh.
He added that the bank’s operational leverage enables it to invest in a number of exciting and potentially transformative initiatives as the bank’s digital pivot continues.
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