Karachi: Standard Chartered Bank Pakistan Limited (SCBPL) has reported a 20% increase in profit before tax, reaching PKR 75.5 billion for the third quarter of 2024. This financial upturn is supported by a 16% year-over-year revenue growth across all segments, despite a concurrent 18% rise in operating expenses.
According to Standard Chartered Bank, the Bank’s robust performance is bolstered by lower impairments due to a prudent risk approach, resulting in a net release of PKR 1.8 billion for the nine months ending on September 30, 2024. This is a significant turnaround from a net charge of PKR 615 million in the comparative period last year. The Bank’s total deposits increased by PKR 123 billion since the start of the year, with current accounts alone growing by PKR 33 billion, which now constitute 47% of the total deposit base.
On the asset front, the Bank reported a reduction in net advances by PKR 25 billion (11%) since the beginning of the year. However, investments in digital capabilities and infrastructure have positioned the Bank to enhance the banking experience for its clients through innovative and scalable solutions. Additionally, the Bank has upgraded its core banking system to an advanced platform, further solidifying its operational efficiency.
Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank Pakistan Limited, commented on the results, stating, “I am incredibly proud of our team’s unwavering dedication which delivered outstanding results in Q3 2024. This achievement reflects our relentless pursuit of excellence in every aspect – elevating customer experiences and driving meaningful growth. I am thankful to our shareholders, clients, and business partners for their continued trust in our capabilities. Together, we are setting new benchmarks for success.”
The Bank also highlighted a strong Return on Equity (ROE) of 43.3% for the period and a Capital Adequacy Ratio (CAR) of 22.9%, ensuring its well-preparedness for future growth. Moreover, Standard Chartered has received two prestigious accolades from the CFA Society: Best Bank 2023 in the Mid-Sized Banks category and the Gender Diversity at Workplace Award.
The Bank’s community initiatives continue to make significant impacts, particularly through programs like SC Women in Tech and the Goal Accelerator Programme. These initiatives aim to address gender disparity in the tech sector and promote economic resilience among disadvantaged girls and young women, respectively. In addition, the Bank’s partnership with Karachi United and the launch of the Seventh Youth League – Football Tournament highlights its ongoing commitment to promoting sports among children.