Karachi: Standard Chartered Bank (Pakistan) Limited, a leading international bank in the country, today announced its annual results for 2023, recording a profit before tax of PKR 89.2 billion, marking a 78% increase from the previous year. The bank also reported a historic profit after tax of PKR 42.6 billion, the highest since its inception.

According to Standard Chartered Bank, the bank achieved substantial growth across all revenue segments, with a 72% increase in overall revenue and a 78% rise in client revenue year on year. Operating expenses went up by 29% due to the inflationary trends, but the bank managed a net release of PKR 163 million in loan impairments thanks to its prudent risk management and recovery efforts.

The asset side of the bank saw significant milestones as well, with total assets surpassing PKR 1.0 trillion, an 8% increase from the beginning of the year. The bank’s total deposits stood at PKR 720 billion, with current accounts growing by PKR 34 billion, or 10%, and making up half of the deposit base.

In 2023, Standard Chartered contributed PKR 63.5 billion to the national exchequer in the form of direct income taxes and withholding taxes. The bank’s strong performance metrics included a Return on Equity (ROE) of 46.4% and a Capital Adequacy Ratio (CAR) of 20.1%, positioning it well for future growth. Reflecting this robust performance, the board recommended a final cash dividend of 25% (PKR 2.50 per share), which, along with the interim dividend of 65% (PKR 6.50 per share), brings the total payout to 90% (PKR 9.00 per share).

Mr. Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan), commented on the results, highlighting the bank’s exceptional performance and the effective strategies that have transformed and grown the business. He emphasized the bank’s commitment to driving income growth, improving operational leverage, and continuing digital and business simplifications to enhance client and employee experiences and invest in growth initiatives.