FLASHNEWS:

Standard Chartered Pakistan Achieves Record Profits and Assets in 2023

Karachi, Standard Chartered Bank (Pakistan) has announced unprecedented annual results for 2023, recording a profit before tax of Rs 89.2 billion, marking a 78% increase from the previous year. The bank also reported its highest ever profit after tax at Rs 42.6 billion, a significant 115% year-on-year increase, and saw its total assets surpass Rs 1.0 trillion, reflecting an 8% growth since the start of the year.

According to Standard Chartered Bank, the bank's gross revenue surged by 72% to Rs 107.5 billion, with client revenue growing by 78%. This growth was supported by positive contributions from all sectors, despite operating expenses rising by 29% in line with inflation trends. The bank's diligent risk management and recovery efforts also led to the issuance of loans worth Rs 163 million during the year.

The bank's total deposits reached Rs 720 billion, with an increase in current accounts of Rs 34 billion, or 10%, contributing to a 50% rise in the deposit base. Moreover, Standard Chartered Bank paid approximately Rs 63.5 billion in direct income tax to the federal and provincial tax authorities, demonstrating its significant contribution to the national exchequer.

Highlighting the bank's robust financial health, the release noted an exceptional Return on Equity (RoE) of 46.4% and a Capital Adequacy Ratio (CAR) of 20.1%, positioning the bank for future growth. The Board of Directors has recommended a final cash dividend of 25%, resulting in a total dividend payout of 90% for the year.

Rehan Sheikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, expressed pride in the bank's performance, attributing the success to strategic transformations and growth initiatives over the past years. Sheikh emphasized the bank's commitment to enhancing operational efficiency, client and employee experience, and digitalization to support further development. Despite a challenging external environment, Sheikh reaffirmed the bank's dedication to providing innovative solutions for sustainable growth and contributing positively to Pakistan's development.