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SCBL: Profits intact at Rs13.72bn in 2021

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%

 

Copyright Mettis Link News

 

Posted on: 2022-02-18T10:28:56+05:00

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