Standard Chartered Bank’s profit drops 5.5pc

Standard Chartered Bank (Pakistan) Limited (SCBPL) on Friday reported a 5.5 percent decline in its net profit to Rs2.08 billion, translating into earnings per share (EPS) of Re0.54 for the bank’s second quarter ended June 30.

The bank announced Rs2.20 billion in net profit and EPS of Re0.57 per share for the same quarter a year earlier, said a notice issued to the Pakistan Stock Exchange.

SCBPL also announced an interim cash dividend of Re0.75 a share. Bank’s interest earned revenues were posted at Rs7.41 billion as compared to Rs8.31 billion earlier. The bank’s net interest income was recorded at Rs5.18 billion as against Rs5.64 billion.

Total non-markup income of the bank stood at Rs2.11 billion in Apr-June as compared to Rs1.95 billion in the same quarter a year ago.

SCBPL announced the net profit of Rs5.29 billion for the six month period ended June 30 as against Rs4.98 billion during the same period last year.

“The bank continues to deliver a strong set of results for the first half,” Shazad Dada, the bank’s chief executive said. “We have a well established franchise in Pakistan with unique expertise and a strong core business.”