Karachi: Standard Chartered Bank (Pakistan) Limited has announced its H1 2014 Results.The Bank continues to deliver consistent financial performance with 9% increase in both revenue and net advances. The Board of Directors have also declared an Interim cash dividend of 7.5% (Re.0.75 /- per share) in respect of the half year ended June 30, 2014.
The Bank’s Profit (before tax) has grown by 1% per cent to PKR 7.3 billion in H1 2014, with earnings per share up at PKR 1.22 per share from PKR 1.21 per share in H1 2013. Revenue has enhanced by 9 percent in comparison with first half of 2013. Overall administrative expenses have slightly increased by 6 percent however, due to continuous cost discipline; the in-country administrative costs have increased by only 2 percent which is much below the ongoing rate of inflation in the country.
Net advances increased by PKR 12 billion since the start of the year on account of pick up in lending. The deposit momentum continued with a growth of above 5 percent since the start of this year. The continuous increase in low cost deposits has significantly supported the bank’s performance, current and savings account now comprising over 92 percent of the deposits base.
Commenting on the results Najam Siddiqi, Acting Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “The Bank continues to deliver a strong set of results for the first half of 2014. Our balance sheet remains a source of competitive advantage with a focus on diversity, high levels of liquidity and a strong capital position. We intend to maintain focus on positive jaws whilst continuing investment in the franchise. The Bank is dedicated to grow our business here and to provide the high quality of service and products to our clients”.