Karachi, March 04, 2016 (PPI-OT): Standard Chartered Bank (Pakistan) Limited has announced its Annual Results for 2015. The bank’s revenue increased 4 per cent year on year to PKR 29.4 billion, on account of improved mix and volume growth. Profit (before tax) has grown by 1 per cent to PKR 15.4 billion in 2015, with earnings per share at PKR 2.40 per share. Administrative costs continue to be well managed through operational efficiencies and disciplined spending, thereby leading to a 1 per cent decrease year on year.
On the liabilities side, the bank’s total deposits increased by 7% in 2015 whereas CASA deposits increased by 8%. The continuous increase in low cost deposits has significantly supported the bank’s performance with current and savings accounts comprising 93% of the deposits base. This has resulted in the bank having one of the lowest cost of deposits in the industry. On the advances side, momentum in Retail assets is building up since the latter half of 2015 while the Corporate and Commercial segments continue with the strategy to build a profitable, efficient and sustainable advances portfolio.
These results are a testimony of the disciplined execution of the Bank’s strategy of improving profitability and efficiency, strengthening controls and enhancing customer experience. The growth in profitability is attributed to a steady revenue line which remains resilient and underpinned by high levels of activity across the businesses.
Final cash dividend of 12.50% (Re.1.25/- per share) has been recommended by the Board of Directors. This is in addition to 7.50% (Re.0.75/- per share) interim cash dividend announced during the year. Commenting on the results Mr. Shahzad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, These results demonstrate our commitment to delivering consistent and sustained performance. We have a differentiated and valuable franchise, core financial strength, outstanding client relationships, strong controls and the right team of people.
We will continue to be disciplined in cost optimisation and invest much of these savings into the future of our business, especially to further enhance our digital banking capabilities. We will retain a strong balance sheet which both protects us from any economic volatility and positions us to capture future economic opportunities.
For more information, contact:
Head of Corporate Communications
Standard Chartered Bank (Pakistan) Limited
1st Floor, New Jubilee Insurance Building,
I. I. Chundrigar Road, Karachi