SCB posts Rs100.6bn profit before tax

KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) has reported profit-before-tax (PBT) of Rs100.6 billion, reflecting a 13 per cent year-on-year (YoY) increase. The strong performance was driven by a 9.0 per cent increase in total income, supported by positive contributions from all business segments.

Despite inflationary pressures and ongoing investments in infrastructure, the bank maintained strong cost discipline, achieving the lowest cost-to-income ratio in the industry at 19 per cent. SCBPL’s total deposits surged to Rs836 billion, up Rs116 billion from last year, with current accounts growing by 10 per cent YoY to Rs37 billion, and now comprise 48 per cent of the deposit base. However, net advances declined by Rs49 billion, or 22 per cent, compared to the previous year. The bank contributed Rs78.9 billion to the national exchequer through taxes and levies.

Commenting on the performance, SCB CEO Rehan Shaikh praised the team’s dedication, stating, “These historic results reflect our unwavering commitment to clients and the effectiveness of our strategic priorities. With a 160-year legacy in Pakistan, we continue to support economic growth and set new benchmarks for success.”

The SCB board announced a final cash dividend of Rs5.50 per share, bringing the total 2024 dividend to Rs9 per share.