{"id":1471,"date":"2024-10-29T16:37:47","date_gmt":"2024-10-29T16:37:47","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1471"},"modified":"2025-01-16T15:37:57","modified_gmt":"2025-01-16T15:37:57","slug":"chartered-bank-pakistan-posts-rs-75-5-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1471","title":{"rendered":"Standard Chartered Bank Pakistan Posts Rs. 75.5 Billion Profit (Before Tax) in First 9 Months- 2024"},"content":{"rendered":"\r\n\r\n\r\n

Standard Chartered Bank Pakistan Limited (SCBPL)<\/a> has reported a robust financial performance for the first nine months of calendar year 2024, with a 20 percent year-on-year growth in profit-before-tax, reaching Rs. 75.5 billion. The profit-after-tax climbed to Rs. 32.5 billion, marking a 3.52 percent increase over the same period in 2023.<\/p>\r\n\r\n\r\n\r\n

The Bank\u2019s total revenue saw a significant 16 percent increase year-on-year, with all segments contributing positively. Despite an 18 percent rise in operating expenses, largely driven by inflationary pressures, SCBPL maintained an industry-leading cost-to-income ratio of 18 percent.<\/p>\r\n\r\n\r\n\r\n

A prudent risk management approach led to lower impairments, contributing to a net release of Rs. 1.8 billion in the period, compared to a net charge of Rs. 615 million in 9M 2023. This was further supported by recoveries of previously written-off debts.<\/p>\r\n\r\n\r\n\r\n

On the liabilities front, SCBPL\u2019s total deposits surged to Rs. 842 billion, an increase of Rs. 123 billion since the beginning of the year. Current accounts registered a 9 percent increase, adding Rs. 33 billion and now accounting for 47 percent of the total deposit base. However, net advances on the asset side declined by Rs. 25 billion, down 11 percent since the start of the year.<\/p>\r\n\r\n\r\n\r\n

Investing in digital capabilities remains a priority for SCBPL as it enhances its client banking experience through innovative, scalable digital solutions. The Bank has upgraded its core banking infrastructure, which will enable it to serve mass-market retail clients more efficiently with data-driven insights and a seamless digital experience.<\/p>\r\n\r\n\r\n\r\n

Rehan Shaikh, CEO of Standard Chartered Bank Pakistan Limited, commented on the Bank\u2019s performance, saying, \u201cI am incredibly proud of our team\u2019s unwavering dedication, which delivered outstanding results in Q3 2024. This achievement reflects our relentless pursuit of excellence in every aspect \u2013 elevating customer experiences and driving meaningful growth. I am thankful to our shareholders, clients, and business partners for their continued trust in our capabilities. Together, we are setting new benchmarks for success.\u201d<\/p>\r\n\r\n\r\n\r\n

The Bank reported a strong Return on Equity (ROE) of 43.3 percent and a Capital Adequacy Ratio (CAR) of 22.9 percent, reinforcing its stable position for future growth.<\/p>\r\n\r\n\r\n\r\n

SCBPL\u2019s performance has also been recognized by the CFA Society, receiving the \u201cBest Bank 2023\u201d award in the Mid-Sized Banks category and the \u201cGender Diversity at Workplace\u201d award.<\/p>\r\n\r\n\r\n\r\n

In addition to financial success, SCBPL has expanded its commitment to social impact initiatives. The SC Women in Tech Programme aims to address gender disparity in the tech sector, while the Goal Accelerator Programme seeks to empower disadvantaged girls and young women through sports and economic resilience initiatives. SCBPL also launched the Seventh Youth League \u2013 Football Tournament in partnership with Karachi United to promote sports among children.<\/p>\r\n\r\n\r\n\r\n

With these milestones, Standard Chartered Bank Pakistan Limited is poised for sustained growth, supported by a blend of strong financials, strategic investments, and community-driven initiatives.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Standard Chartered Bank Pakistan Limited (SCBPL) has reported a robust financial performance for the first nine months of calendar year 2024, with a 20 percent year-on-year growth in profit-before-tax, reaching Rs. 75.5 billion. The profit-after-tax climbed to Rs. 32.5 billion, marking a 3.52 percent increase over the same period in 2023. The Bank’s total revenue […]<\/p>\n","protected":false},"author":1,"featured_media":1472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[402,836,14,179],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t