Standard Chartered Bank (Pakistan) Limited announced its results for third quarter and first nine months of 2016 with a profit before tax of Rs. 12.1 billion for the first nine months of 2016 despite margin compression due to lower interest rates.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending, thereby leading to a 1per cent decrease from a comparative period. Moreover, strong recoveries of bad debts, coupled with lower impairments led to a net release in the charge for the period.There is a positive momentum in the advances across all business segments with a strategy to build profitable, efficient and sustainable portfolio. On the liabilities side, the bank’s total deposits grew by 9per cent since the start of this year.
The continuous increase in low cost deposits has significantly supported the bank’s performance with current and savings accounts comprising 93per cent of the deposit base. Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank said:
“The Bank has seen a strong third quarter performance. The bank continues to invest into its digital capabilities and infrastructure to enhance banking experience through introduction of innovative digital solutions. We are well positioned to take advantage of long-term growth opportunities in Pakistan. While maintaining a strong focus on controls we endeavour to further enhance the quality of our client experience.”