Standard Chartered posts PKR19.9b profit before tax in Q3
KARACHI: Standard Chartered Bank (Pakistan) Limited in a statement announced its Q3 results for 2020.
The bank delivered a resilient financial performance in Q3 2020 with year to date profit before tax of PKR19.9 billion as compared to PKR 19.7 billion in the corresponding period last year.
With Revenue of PKR 32billion, the overall revenue growth was 12per cent, whereas client revenue increased by 19per cent year on year with positive contribution from Financial Markets, Retail Products and Transaction banking. Cost discipline continues with only 5per cent year on year increase in operating expenses.
The current slowdown in the economic activity due to COVID 19 impacted the advances momentum. The Bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and is maintaining adequate provisions, where required.
The Bank achieved another milestone as total deposits crossed PKR 550billion. With a growth of 22per cent year to date, total deposits closedat PKR 570billion, with current and saving accounts constituting 94per cent of the deposits base. – PPI
The incremental liquidity generated is currently deployed in government securities and interbank lending thereby resulting in an increase of 17per cent in total assets, which crossed PKR 700billion milestone to close at PKR 728 billion. – PPI