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Standard Chartered Bank Reports 14 Billion Profits in First 3 Quarters of 2022

SCBPL (Standard Chartered Bank Pakistan Limited) posts a PAT (Profit After Tax) of Rs. 14.24 billion in the first three quarters of 2022 which ended on September 30, 2022. The bank mentioned a rise of 44 percent YoY (Year-on-Year) as compared to Rs. 9.1 billion was experienced in the same period of 2021. The bank was able to drive great performance as a result of its strong income growth as well as the continued cost and risk disciplines. 

The overall revenue growth was recorded as 70% and delivered a top-line of 45.1 billion Pakistani Rupees. The bank experienced positive contributions from all the segments despite of high inflation situation in the country. The continuous investments in infrastructure and efficient management of operating expenses caused an increase of 12 percent as compared to the previous year’s same period. 

Moreover, the general provisions of Covid-19 were reversed that coupled with lower impairments and stronger recoveries leading to Rs. 1.5 billion net release during the period. As compared to the previous year, the net release rose to over half a million.

The CEO of Standard Chartered Bank, Rehan Shaikh commented on this achievement, “I am pleased to share our results for the first three quarters of 2022 which clearly reflect strong foundations, enhanced productivity, and good headway towards achieving our strategic priorities. The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors, and the communities where we operate. I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion, and hard work in supporting the Bank in its journey. 

He added, “We are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas, and evolving to a more innovative and agile operating model, as we strive to drive innovation and increase our operational efficiency further.” 

Standard Chartered can now target more clients in Pakistan and will offer them multiple facilities such as the convenience of opening new bank accounts and subscribing to banking services and products online. The overall journey of the bank stands well and closely aligned with the country’s landscape for digitization.

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