Karachi: Standard Chartered Bank (Pakistan) Limited announced its H1 2015 results. The half yearly profit of the bank (before tax) is PKR 8.5 billion in the first half of 2015 compared to PKR 7.2 billion in the first half last year. The Bank’s earnings per share in the current half is PKR 1.29 versus PKR1.22 in the first half last year.
Revenue has enhanced by 11per cent in comparison with first half of last year. Administrative costs continue to be tightly managed. The cost discipline despite selective investment led to a decrease of 4per cent in overall administrative costs.
The deposit momentum continued with a growth of above 9% since the start of this year. The continuous increase in low cost deposits has significantly supported the bank’s performance with current and savings account now comprise over 90% of the deposits base. This has resulted in the bank having one of the lowest costs of deposits in the industry. Interim cash dividend of 7.50% (Re.0.75/- per share) in respect of the half year ended June 30, 2015 has been declared by the Board of Directors in their meeting held on August 26, 2015.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate the diversity and resilience of our business. Our balance sheet efficiency remains a source of competitive advantage. The year on year growth is encouraging, while we endeavour to keep cost growth at moderate levels, ensuring necessary investment in our businesses to continue the momentum. In line with the strategic priorities, the Bank will continue to focus on deepening client relationships, utilising cross selling opportunities and will aim to further improve customer service and engagement.”