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

MG News | August 27, 2024 at 11:33 AM GMT+05:00

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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.

Profit and Loss Account for the quarter ended June 30, 2024 ('000 Rupees)
	Jun-24	Jun-23	% Change
Mark-up/return/interest earned	41,606,718	36,245,348	14.79%
Mark-up/return/interest expenses	(17,614,755)	(13,447,194)	30.99%
Net mark-up/return/interest income	23,991,963	22,798,154	5.24%
NON MARK-UP/NON INTEREST INCOME
Fees and commission income	1,537,167	1,237,821	24.18%
Dividend income	100,000	50,049	99.80%
Foreign exchange income	2,739,713	211,766	1193.75%
Income / (loss) from derivatives	(14,260)	696,626	-102.05%
Gain / (loss) on securities	235,148	1,066,080	-77.94%
Other income	19,492	155,618	-87.47%
Total non-mark-up/ non-interest income	4,617,260	3,417,960	35.09%
Total Income	28,609,223	26,216,114	9.13%
NON MARK-UP/NON INTEREST EXPENSES
Operating expenses	(4,793,014)	(4,103,367)	16.81%
Workers welfare fund	(553,689)	(325,403)	70.15%
Other charges	-	(1,260)	-100.00%
Total non-mark-up/ non-interest expenses	(5,346,703)	(4,430,030)	20.69%
Profit before provisions	23,262,520	21,786,084	6.78%
(Provisions) / recovery and write offs - net	1,294,835	207,988	522.55%
Extraordinary/unusual items	-	-
Profit before taxation	24,557,355	21,994,072	11.65%
Taxation	(14,316,723)	(12,400,104)	15.46%
Profit after taxation	10,240,632	9,593,968	6.74%
Basic/Diluted Earnings per share	2.65	2.48	-

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