Standard Chartered Bank (Pakistan) Limited recorded a strong pre-tax profit of PKR 16.1 billion in Q1’23, an increase of 37% compared to the previous year, driven by growth in income, cost discipline, and risk management. The Bank achieved its highest-ever quarterly revenue of PKR 20.4 billion, a growth of 43% across all segments. Operating expenses increased by 25% compared to the comparative period, consistent with inflation, as a result of efficient and disciplined spending. A prudent risk approach combined with recoveries of bad debts contributed to a low net charge of PKR 0.2 billion in Q1’23.

Standard Chartered Bank (Pakistan) Limited has a diversified product base and has positioned itself well to meet the needs of its clients. The Bank’s total deposits grew by PKR 10.3 billion to PKR 729 billion, while current and savings accounts grew by PKR 28 billion, comprising 98% of the deposit base. Net advances increased by 6%, reflecting the Bank’s prudent lending approach. The Bank achieved a strong Return on Equity (ROE) of 42.3% and a Capital Adequacy Ratio (CAR) of 16.8%, indicating its position for future growth.

Standard Chartered Bank (Pakistan) Limited is making progress in achieving its strategic priorities, leveraging its global network to provide innovative solutions, product specialization, and structured offshore offerings. It aims to maximize its contribution to State Bank’s initiatives and has enhanced its digital offering to reach more clients across the country. The Bank’s transformation journey is well-curated, closely aligned with the Pakistan landscape, and focused on sustainable finance and digital solutions for clients and their ecosystem.

Mr. Rehan Shaikh, CEO of Standard Chartered Bank (Pakistan) Limited, commented on the results, stating that the Bank’s Q1’23 results set a strong and optimistic tone for the year. The Bank plans to build on this momentum, delivering on its strategic priorities while providing best-in-class banking services to clients. He said “Our results for the first quarter of 2023 amid a tough external environment have set a strong and optimistic tone for the year and we plan to build on this momentum going forward.  The results demonstrate solid foundations and a clear path towards delivering on our strategic priorities.  They are also reflective of our commitment to the country and our desire to capture opportunities in the market whilst providing best-in-class banking services to our clients.  We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future.  Our pivot to digital continues based on adopting best practices, leveraging the network’s expertise, and incorporating feedback from our clients in our offerings.

We are thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion, and hard work in supporting the Bank in its journey.”

The Bank continues to become more efficient and innovative operationally, investing in technologies and capabilities of the future, and pivoting to digital.

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