Karachi: Standard Chartered Bank (Pakistan) Limited has announced its Q1 2015 Results. The Bank’s Profit (before tax) has grown by 25 per cent to PKR4.3 billion in Q1 2015, with earnings per share up at PKR0.72 per share from PKR0.57 per share in Q1 2014. The bank continues to be prudent in credit expansion with a focus on building quality customer assets.
Revenue has enhanced by 14 per cent in comparison with first quarter last year. Additionally, the bank’s administrative costs have declined this quarter leading to enhanced profitability.
The deposit momentum continued with a growth of over 5 per cent since the start of this year with current and savings accounts now comprising 92 per cent of the deposits base. This has resulted in the bank having one of the lowest costs of deposits in the industry. Considering our long history of presence in Pakistan, we believe in sustained growth by continue focusing on our clients and customers and a prudent approach to building the balance sheet.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate the diversity and resilience of our business. We have a strong balance sheet, ample liquidity and continue to support our clients’ growth aspirations. In line with our brand promise “Here for good”, we are committed to grow our business in Pakistan and provide value added financial solutions to our clients.”