The Bank delivered a strong profit in the first quarter of 2019 which led to a growth of 61per cent in profit before tax to PKR 6.7 billion. Overall revenue growth was 38per cent, whereas client revenue increased by 22per cent year on year with positive contribution from transaction banking, corporate finance, treasury markets and retail products.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 6per cent from comparative period last year.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances which have grown by 6per cent since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. 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 deposits grew by 3per cent, whereas current and saving accounts grew by 2per cent since the start of this year and are now 94per cent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “Standard Chartered has delivered a strong financial performance in the first quarter of 2019, supported by positive trajectories in client income, net advances and deposits. The bank continues to leverage the global network and differentiate through innovative solutions and product specialization.
We are fully committed to delivering sustained growth by consistently focusing on developing best in class product suite and services, keeping our clients at the center of everything we do.”