Skip to main content

Standard Chartered Bank delivers a resilient performance

 

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a resilient financial performance in 2021 with a profit before tax of PKR 24.8 billion compared to PKR 23.6 billion in 2020. Performance was driven by strong balance sheet growth, continued productivity improvements and risk discipline.

 

The Bank’s revenue was lower by PKR 3.5 billion primarily due to sharp reduction in interest rates in Q2’20 and market volatility. Despite investment in infrastructure and inflationary pressures, administrative costs continue to be well managed through operational efficiencies and disciplined spending resulting in a decrease of 3% year on year. Moreover, strong recoveries and lower impairments as a result of prudent risk approach led to a net charge of PKR 0.5 billion compared to a net charge of PKR 4.9 billion in the comparative period.

 

All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by PKR 56 billion (up 31%) since the start of the year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 70 billion (up 13%), whereas current and saving accounts grew by PKR 63 billion (up 12%) since the start of the year and comprise 92% of the deposit base.

 

The Bank continued to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. The Bank strives to maximise the contribution to SBP initiatives on promoting housing finance and is consistently ranked amongst the top three. As of now over PKR 3 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL is also amongst the top five contributors towards the Roshan Digital initiative and channelled remittances of over USD 320 million since inception and contributed USD 270 million to the investments in Naya Pakistan Certificate (NPC). The Bank is the first in the industry to offer Raast payment services to clients through all three channels i.e. Over the Counter, Mobile App and Online Banking.

 

Standard Chartered has continued to invest in technological advancements and digital infrastructure to provide further convenience and cyber security to client’s digital transactions. With the launch of its digital bank, Standard Chartered is now able to reach more clients across the country and provide them with digital banking services that has now enabled clients to open Current or Saving account through our Biometric enabled SC Mobile app. The App also offers convenience to activate Debit/Credit cards or foreign exchange conversion. Plans are also in place to offer host of other products and services that bring more accessibility to our clients.

 

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to announce our results for the year 2021. They demonstrate strong foundations and a clear path towards delivering on our strategic priorities. The new ways of working introduced by the Bank are delivering concreate outcomes in terms of productivity and our approach to business. Our pivot to digital continues to result in greater efficiency and growth in underlying drivers, while positioning the Bank for the future.

 

As a Bank we have continued to make a mark on sustainability and impact through the execution of several sustainable finance transactions, reduction in carbon footprint and efforts to tackle inequality and promote greater economic inclusion through Futuremakers by Standard Chartered. We stand fully committed to play our part in the growth story of Pakistan whilst providing best in class banking to our clients.”

 

 

Comments

Post a Comment

Popular posts from this blog

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

          Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement awith Huawei. It clearly demonstrates that the two compan...
Post a Comment
Read more

Pakistan’s Maaz Masood Ansari wins ACCA’s Regional Advocate of the Year award

ACCA (the Association of Chartered Certified Accountants)   has recognised Maaz Masood Ansari, Executive Director Financial Advisory, Deloitte, with its Regional Advocate of the Year Award for Middle East and South Asia (MESA) region. The ACCA member from Pakistan, Maaz, was lauded for his contributions to developing professional accountancy across Pakistan, particularly in supporting Deloitte trainees and employees at department level further develop and become ACCA members themselves. “ACCA’s Advocacy Awards are not about career achievement but about the way that ACCA members give back to their communities, and help ACCA to develop the next generation of professional accountants. ACCA members in Pakistan are a driving force at the forefront of the accounting industry. Maaz has set a great example for all professionals in the country on how they can lead the profession into the future by dedicating their efforts to developing future-ready talent.” – Sajj...
Post a Comment
Read more

CBD PUNJAB CEO PUSHES FOR EXPEDITED COMPLETION OF WALTON ROAD PROJECT

                                              CEO Central Business District Punjab (CBD Punjab), Imran Amin, chaired a comprehensive review meeting to assess the progress of the Walton Road Upgradation Project. This pivotal initiative is set to significantly enhance the infrastructure of Punjab's provincial capital. The meeting was attended by Executive Director Technical CBD Punjab Riaz Hussain, Director of Architecture and Planning Samir Aftab Sial, and official contractors of the project. Executive Director Technical CBD Punjab, Riaz Hussain, provided an extensive briefing on the project's progress, highlighting key milestones achieved. Notably, the completion of the main trunk sewer and the remodeling of the ADA Nullah were reported. The ADA Nullah will soon be connected with the newly constructed nullah, marking a critical step forward. Additionally, the sub-base work ...
Post a Comment
Read more