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

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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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