Standard Chartered Pakistan Posts Highest ever profit of Rs. 18.5bn (before tax).

Standard Chartered Bank (Pakistan) Limited announced its Annual Results for 2019. The Bank performed exceptionally well in 2018 and delivered a Profit before tax of PKR18.5 billion. This is 37per cent higher than corresponding period last year and the highest ever profit.

Overall revenue growth was 12per cent, whereas client revenue increased by 13per cent year on year with strong contribution from transaction banking, financial markets and retail deposits. In-country operating expenses increased by only 5per cent year on year on account of spending, mainly in the Bankis products, services and people to grow the franchise.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which grew by 23per cent during the year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.

On the liabilities side, another milestone was achieved whereby the Bankis total deposits crossed PKR 400billion. Total deposits grew by 13per cent, whereas current and saving accounts registered a growth of 15per cent during the year and are now 94% of the deposits base.

The optimal funding structure of the balance sheet continues to support the Bankis performance.

Final cash dividend of 15 per cent...