STAN DARD CHARTERED PAKISTAN POSTS HIGHER-EVER PROFIT OF RS27.2BN (BEFORE TAX).

Standard Chartered Bank (Pakistan) Limited, the country's largest and oldest International bank, last week announced its Annual Results for 2019.

The Bank had a record year of performance in 2019 and delivered a Profit Before Tax of PKR27.2 billion, which is 47 per cent higher than last year. Profit After Tax registered a growth of 43 per cent to close at PKR16 billion; highest ever since its incorporation.

A strong and diversified business performance drove an all-time high income of PKR39.1 billion; a growth of 37 per cent YoY. Operating expenses were well controlled with an increase of only 2 per cent YoY, well below the country inflation rate, resulting in all time low cost to income ratio of 30 percent.

All businesses have a positive momentum in client income which grew 31 per cent year on year with strong growth in underlying drivers. Momentum in advances (net) continues with 29 per cent growth since the start of the year. This was the result of a targeted strategy to leverage our brand, client relationships and strong global network in building profitable and high-quality portfolios.

The Bank continued to maintain its leadership in low cost deposits with CASA to Deposits ratio of 93 per cent despite strong competition. Total deposits recorded a growth of 10 per cent, with CASA growing by 8 per cent in 2019.

The bank won several awards and accolades in the year including 'Best Commercial Bank' by Management Association of Pakistan, 'Best Foreign Bank in Pakistan' byFinance Asia, 'Best International Bank' by Asia Money and 'Best Islamic Bank' by the Banker Magazine. During 2019, the Bank contributed around PKR18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal...