Karachi: Standard Chartered Bank (Pakistan) Limited has announced a significant increase in its financial results for the first half of 2024, with a 29% growth in profit before tax reaching PKR 49.3 billion.

According to Standard Chartered Bank, the bank’s overall revenue grew by 24%, with client revenue up by 23% year on year, supported by strong performance across all segments. Despite a 22% increase in operating expenses due to inflation, the bank maintained the industry’s lowest cost-to-income ratio at 18%. Additionally, a prudent risk approach and recoveries of bad debts contributed to a net release of PKR 1.8 billion in the first half of 2024, compared to PKR 12 million in the same period last year.

On the liabilities side, total deposits increased by PKR 97 billion to PKR 817 billion, with current accounts showing a robust growth of PKR 36 billion, accounting for 49% of the total deposit base. However, net advances decreased by PKR 12 billion, a 5% reduction since the beginning of the year.

Mr. Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, commented on the results, stating, “Our H1 2024 Results are a testament to the strong business fundamentals and our ongoing efforts to transform and grow our business. Despite the challenging external environment, we remain committed to managing our risks and capital effectively, continuing our path towards operational efficiency and innovation, and enhancing our digital offerings based on global best practices and client feedback.”

The bank also reported a robust Return on Equity (ROE) of 44% for the period and a Capital Adequacy Ratio (CAR) of 20%, positioning it well for future growth. Following these strong results, the Board of Directors declared an interim cash dividend of 20.0% (PKR 2.00 per share), in addition to a 15.0% (PKR 1.50 per share) interim cash dividend paid during the period.