Standard Chartered Bank Pakistan Limited (SCBPL) has announced 13% year-on-year growth and a pre-tax profit of Rs100.6 billion for the latest fiscal year, showcasing strong financial performance across all segments.
SCBL‘s performance improved with a 9% year-on-year income increase, thanks to positive contributions from all operational segments. Despite challenges such as high inflation and ongoing investments in infrastructure, SCBPL achieved the industry’s lowest cost-to-income ratio at 19%, underscoring its operational efficiency.
According to details filed with the Pakistan Stock Exchange (PSX), SCBPL’s prudent risk approach and effective recoveries of bad debts resulted in a net reversal in impairment, amounting to Rs 4.9 billion. This strategic handling of assets and liabilities underscores the bank’s robust risk management framework.
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The bank reported a substantial increase in total deposits to Rs836 billion on the liabilities front, marking an increase of Rs116 billion from the previous year. Current accounts saw a 10% growth year-on-year, comprising 48% of the total deposit base, reflecting strong customer trust and enhanced account management.
Despite a 22% reduction in net advances compared to the previous year, SCBPL contributed significantly to the national exchequer. In 2024, the bank contributed Rs78.9 billion in direct income taxes and other levies, acting as the Federal Board of Revenue (FBR) agent and accounting for various sales taxes.
Rehan Shaikh, Chief Executive Officer and Head of Coverage at SCBPL, commented on the results, noting the bank’s strong Return on Equity (ROE) of 43% and a Capital Adequacy Ratio (CAR) of 23.5%.
The SCBL’s Board of Directors announced a final cash dividend of 55.0% (Rs5.50 per share) and a 35.0% (Rs3.50 per share) interim cash dividend paid during the year.