Standard Chartered reports an 18% decline in earnings during 2020

MG News | February 26, 2021 at 10:43 AM GMT+05:00

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February 26, 2021 (MLN): Standard Chartered Bank has earned profits of Rs. 13.13 billion (EPS: 3.39) during the year ended December 31, 2020, i.e. around 18% lower as compared to the earnings recorded in same period of last year.

The Bank also recommended a final cash dividend @ 27.5% i.e. Rs. 2.75 per share during the year.

The net interest income of SCBPL witnessed a 0.17% decline, whereas non-interest income saw a 17.54% growth. As a result, the total income of the bank grew by 4.77%.

On the other hand, the total non-interest expenses grew by 4.11%, owing to higher expenses and workers’ welfare fund. The bank also paid provisioning charges of Rs. 4.9 billion during the year.

Profit and Loss Account for the year ended on December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Mark-up/return/interest earned	52,221,970	52,240,154	-0.03%
Mark-up/return/interest expenses	(24,082,373)	(24,053,613)	0.12%
Net mark-up/return/interest income	28,139,597	28,186,541	-0.17%
NON-MARK-UP/NON-INTEREST INCOME
Fees and commission income	4,087,281	3,602,430	13.46%
Dividend income	-	-
Foreign exchange income	3,967,308	4,197,403	-5.48%
Income / (loss) from derivatives	1,165,568	1,177,969	-1.05%
Gain / (loss) on securities	3,380,515	1,799,304	87.88%
Other income	199,534	112,668	77.10%
Total non-mark-up/ non-interest income	12,800,206	10,889,774	17.54%
Total Income	40,939,803	39,076,315	4.77%
NON-MARK-UP/NON INTEREST EXPENSES
Operating expenses	(11,878,809)	(11,128,663)	6.74%
Workers welfare fund	(492,035)	(732,699)	-32.85%
Other charges	(11,765)	(32,560)	-63.87%
Total non-mark-up/ non-interest expenses	(12,382,609)	(11,893,922)	4.11%
Profit before provisions	28,557,194	27,182,393	5.06%
Provisions and write offs - net	(4,940,714)	16,810
Extraordinary/unusual items	-	-
Profit before taxation	23,616,480	27,199,203	-13.17%
Taxation	(10,483,498)	(11,181,756)	-6.24%
Profit after taxation	13,132,982	16,017,447	-18.01%
Basic and diluted earnings per share (Rupees)	3.39	4.14	-18.12%

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