SCBPL announces Rs2 DPS, profit rises 7% in Q2 CY24

August 27, 2024 (MLN): Standard Chartered Bank (Pak) Ltd (PSX: SCBPL) has maintained its strong performance, with earnings for the quarter ended June 30, 2024 (Q2 2024), increasing by 6.74% YoY to Rs10.24 billion [EPS: Rs2.65], compared to a profit of Rs9.59bn [EPS: Rs2.48] recorded in Q2 CY23.

To reward shareholders for this performance, the Board of Directors (BoD) of SCBPL has recommended an interim cash dividend of Rs2 per share i.e. 20%.

This is in addition to the first interim dividend already paid at 15% for the period ending 31 March 2024.

Going by the income statement made available by the bank on the PSX, it witnessed an increase of 5.24% YoY in its markup interest income to clock in at Rs23.99bn against Rs22.8bn recorded in Q2 CY23.

The bank received further positive push during the quarter from its non-markup income, which surged from Rs3.42 in Q2 2023 to Rs4.62bn in Q2 2024.

The rise is attributed to a massive jump in its Foreign exchange income rising to Rs2.74bn from just Rs211.77m.

The profit and loss statement further shows that the total non-mark-up/interest expenses stood at Rs5.35bn, up by 20.69% YoY.

Under the non-markup expenses, Operating expenses and Worker’s welfare fund ticked up while other charges fell during the review period.

SCBP also incurred a provision reversal of Rs1.29bn, compared to Rs208m recorded in Q2 2023.

On the taxation front, the bank paid Rs14.32bn, 15.46% YoY higher than the Rs6.96bn paid in SPLY.

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