Standard Chartered Pakistan delivered a strong financial performance in Q1.

• Position: Standard Chartered Bank (Pakistan

Standard Chartered Bank (Pakistan) Limited delivered a strong profit before tax of PKR 16.1 billion for Q1'23, registering an increase of 37 per cent year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue grew by 43 per cent to deliver highest ever quarterly top-line of PKR 20.4 billion, with positive contributions from all segments. Operating expenses were well managed through efficiencies and disciplined spending with an increase of 25 per cent from comparative period, in line with inflation. Moreover, prudent risk approach coupled with recoveries of bad debts led to a low net charge of PKR 0.2 billion in Q1'23.

With a diversified product base, the Bank stands well positioned to cater for the needs of its clients. On the liabilities side, the Bank's total deposits stand at PKR 729 billion, up by PKR 10.3 billion, whereas current and saving accounts grew by PKR 28 billion (up 4 per cent) since the start of 2023 and comprise 98 per cent of the deposit base. On assets side, net advances increased by 6% and the Bank continues to follow a prudent lending approach. With a strong Return on Equity (ROE) of 42.3% for the period and a Capital Adequacy Ratio (CAR) of 16.8%, the Bank remains well positioned for future growth.

Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. At all times the Bank strives to maximise the contribution to State Bank's initiatives. In line with the State Bank's efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as...