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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