Standard Chartered's profits soar by 101pc in Q1.

• Position: Standard Chartered Bank Pakistan Limited

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a record performance in first quarter of 2022, leading to a growth of 101% in profit before tax to PKR 11.8 billion. Profit after tax grew by 119% year on year to PKR 7.1 billion.

Overall revenue grew by 72% to deliver the highest ever quarterly revenue of PKR 14.3 billion. Net interest income grew by 36% year on year, primarily driven by volume upside from strong balance sheet growth. Non funded income recorded a growth of 167%, impelled by strong performance in FX, derivatives and securities trading. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 8% from comparative period last year. Moreover, robust recoveries of bad debts, coupled with prudent risk approach led to a net release of PKR 0.7 billion in Q1'22 compared to a net release of PKR 0.6 billion in the comparative period.

All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by PKR 17.8 billion (up 8%) since the start of this 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, the Bank's total deposits grew by PKR 23.2 billion (up 4%), whereas current and saving accounts grew by PKR 27.8 billion (up 5%) since the start of this year and comprise 93% of the deposit base.

The Bank 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. The Bank strives to maximise the contribution to SBP initiatives on promoting housing finance and is consistently ranked amongst the top institutions. As of now over PKR 4 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL is also amongst the top five contributors towards the Roshan Digital initiative and channelled remittances of over USD 350 million since inception and contributed USD 300 million to...