Standard Chartered Bank (Pakistan) Limited has reported a strong profit before tax of PKR 16.1 billion for Q1’23, which represents an increase of 37% year on year. The bank’s overall revenue grew by 43% to deliver its highest-ever quarterly top-line of PKR 20.4 billion, with positive contributions from all segments. This performance was driven by strong income growth, continued cost and risk discipline, and well-managed operating expenses.
With a diversified product base, the bank is well-positioned to cater to the needs of its clients. Its total deposits stand at PKR 729 billion, while current and saving accounts grew by PKR 28 billion since the start of 2023 and comprise 98% of the deposit base. On the assets side, net advances increased by 6% and the bank continues to follow a prudent lending approach.
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Standard Chartered continues to make good progress against its strategic priorities. The bank’s global network differentiates it for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with the convenience of opening accounts as well as subscribing to products and banking services online. Sustainable finance, along with digital solutions for clients and their ecosystem, remain areas of keen focus. The bank continues with its efforts under the initiative ‘Futuremakers by Standard Chartered’ to tackle inequality and promote greater economic inclusion for young people in the community.
Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited, commented on the results, saying that they demonstrate solid foundations and a clear path towards delivering on their strategic priorities. They are also reflective of their commitment to the country and their desire to capture opportunities in the market while providing best-in-class banking services to their clients. The bank plans to build on this momentum going forward by becoming more efficient and innovative operationally while investing in technologies and capabilities of the future.