Standard chartered Pakistan announces q3 results.

• Position: Financial report

The Bank delivered a resilient financial performance in Q3 2020 with year to date Profit Before Tax of PKR19.9 billion as compared to PKR 19.7 billion in the corresponding period last year.

With Revenue of PKR 32 billion, the overall revenue growth was 12 per cent, whereas client revenue increased by 19 per cent year on year with positive contribution from Financial Markets, Retail Products and Transaction banking. Cost discipline continues with only 5 per cent year on year increase in operating expenses.

The current slowdown in the economic activity due to COVID-19 impacted the advances momentum. The Bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and is maintaining adequate provisions, where required.

The Bank achieved another milestone as total deposits crossed PKR 550 billion. With a growth of 22 per cent year to date, total deposits closed at PKR 570 billion, with current and saving accounts constituting 94 per cent of the deposits base. The incremental liquidity generated is currently deployed in government securities and interbank lending thereby resulting in an increase of 17 per cent in total assets...