Standard Chartered Bank (Pakistan) Limited has announced its Q1 2014 Results. The Bank continues to build on the business momentum despite challenging economic and external environment. The Bank’s Profit (before tax) has grown by 59 per cent to PKR 3.4 billion in Q1 2014, with earnings per share up at Re. 0.57 per share from Re. 0.36 per share in Q1 2013. Revenue enhanced by 10 percent in comparison with first quarter last year. The bank’s prudent credit policies also resulted in impairments being lower in comparison with first quarter 2013.
The overall costs were lower in comparison with first quarter 2013. Moreover, due to continuous cost discipline, the in-country administrative costs increased by only around 6 percent, which is below the ongoing rate of inflation in the country. The deposit momentum continued with a growth of almost 4.7 percent since the start of 2014. The continuous increase in low cost deposits has significantly supported the bank’s performance with current and savings account now comprising over 89 percent of the deposits base. The retail business continued to build SME and retail assets while corporate and institutional clients focused on selective credit expansion.
Commenting on the results Najam Siddiqi, Acting Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate our commitment to delivering consistent and sustained performance. Our business strategy focuses on distinct client segment capital deployment, liquidity and effective investments spend to deliver both productivity gains and improvements in the quality of the service and products we offer our clients.
The Bank will continue to focus on deepening client segment relationships, utilising cross selling opportunities and further improve client service and engagement.”