SCBL: Profits intact at Rs13.72bn in 2021

MG News | February 18, 2022 at 10:28 AM GMT+05:00

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February 18, 2022 (MLN): Standard Chartered Bank (Pak) Ltd (PSX: SCBPL) has managed to wrap the year 2021 on a positive note as the bank’s profitability remained intact at Rs13.72 billion (EPS: Rs3.55), up by 4.53% YoY compared to Rs13.13bn (EPS: Rs3.39) earned in 2020.

Along with the financial statement, the board of directors has also recommended a final cash dividend of Rs1.75 per share i.e., 17.5% for the year ended December 31, 2021. This is in addition to the 12.5% interim dividend already paid in 2021.

The net interest income of SCBPL witnessed a 6.65% YoY decline, while non-interest income dropped by 13% YoY to stand at Rs11.12bn. As a result, the total income of the bank shrank by 8.66% YoY to clock in at Rs37.39bn in 2021.

Similarly, the total non-interest expenses inched down by around 2%, despite a surge of 17% in workers’ welfare funds. The bank also paid provisioning charges of Rs494mn during the year.

On the taxation front, the bank paid Rs11bn in 2021, compared to Rs10.48bn paid in the previous year.

Profit and Loss Account for the year ended on December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Mark-up/return/interest earned	46,852,339	52,221,970	-10.28%
Mark-up/return/interest expenses	(20,584,643)	(24,082,373)	-14.52%
Net mark-up/return/interest income	26,267,696	28,139,597	-6.65%
NON-MARK-UP/NON-INTEREST INCOME
Fees and commission income	3,132,567	3,721,952	-15.84%
Dividend income	20,930
Foreign exchange income	4,598,986	4,332,637	6.15%
Income / (loss) from derivatives	1,091,378	1,165,568	-6.37%
Gain / (loss) on securities	2,054,917	3,380,515	-39.21%
Other income	226,909	199,534	13.72%
Total non-mark-up/ non-interest income	11,125,687	12,800,206	-13.08%
Total Income	37,393,383	40,939,803	-8.66%
NON-MARK-UP/NON-INTEREST EXPENSES
Operating expenses	(11,539,495)	(11,878,809)	-2.86%
Workers’ welfare fund	(578,534)	(492,035)	17.58%
Other charges	(18,989)	(11,765)	61.40%
Total non-mark-up/ non-interest expenses	(12,137,018)	(12,382,609)	-1.98%
Profit before provisions	25,256,365	28,557,194	-11.56%
Provisions and write offs - net	(494,727)	(4,940,714)
Extraordinary/unusual items	-	-
Profit before taxation	24,761,638	23,616,480	4.85%
Taxation	(11,033,966)	(10,483,498)	5.25%
Profit after taxation	13,727,672	13,132,982	4.53%
Basic and diluted earnings per share (Rupees)	3.55	3.39	4.72%

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