Standard Chartered Pakistan delivers record financial performance.

Standard Chartered Bank Pakistan Limited (SCBPL) has delivered a record profit before tax of PKR 50.1 billion, registering an increase of 102 per cent year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue grew by 68 per cent to deliver a highest ever top line of PKR 62.6 billion, with positive contributions from all segments. Despite a high inflationary environment and continuous investments in our infrastructure, operating expenses were well managed through efficiencies and disciplined spending with an increase of 14 per cent from last year. Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of PKR 1.3 billion during the year against a net charge of PKR 0.5 billion in loan impairments in 2021.

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 grew by PKR 91.7 billion (up 15%), whereas current and saving accounts increased by PKR 108.7 billion (up 19%) in 2022 and comprise 96% of the deposit base. The Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient, and sustainable business. As a result, advances declined by 8% during the year.

During 2022, the Bank contributed around PKR 38 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

The external environment remains challenging; however, the Bank remains fully committed to delivering a sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan. 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 subscribing to products and banking services online. Overall, the...