SCB reports Rs8.5 billion profit in first half

KARACHI: Standard Chartered Bank (Pakistan) posted a gross profit of Rs8.5 billion in the first six months of the current calendar year compared to Rs7.2 billion during the same period last year, according to a statement issued Thursday.
The bank’s revenue increased by 11 percent in comparison with the first half of 2014. Earnings per share were Rs1.29 up from Rs1.22 during January-June 2014.
The bank announced an interim cash dividend of ­­­7.50 percent (Re0.75/- per share).
The deposit momentum continued with a growth of above nine percent since the start of this year.
The continuous increase in low cost deposits has significantly supported the bank’s performance with current and saving accounts comprising over 90 percent of the deposits base. This has resulted in the bank having one of the lowest costs of deposits in the industry.
Administrative costs continue to be tightly managed. The cost discipline, despite selective investment led to a decrease of four percent in overall administrative costs.
“The year on year growth is encouraging, while we endeavour to keep cost growth at moderate levels, ensuring necessary investment in our businesses to continue the momentum,” said Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan)
“In line with the strategic priorities, the bank will continue to focus on deepening client relationships, utilising cross selling opportunities and will aim to further improve customer service and engagement.”
Fatima Fertilizer posts profit
Fatima Fertilizer Company has announced a net profit of Rs4.413 billion for the quarter ended June 30, 2015, up 150 percent as compared to Rs1.767 billion last year, a company statement said on Thursday. The earnings per share (EPS) clocked in at Rs2.10 for the quarter under review as against 84 paisas a year ago. Net sales surged to Rs9.625 billion, primarily because of six percent higher urea off-take during the period. Resultantly, the gross profits jumped 34 percent to Rs6.065 billion in this quarter as compared to Rs4.525 billion last year.
For the half-year ended June 30, 2015, Fatima Fertilizer posted a net profit of Rs6.827 billion, translating into EPS of Rs3.25. The company did not announce any payouts along with the June earnings.