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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Posted on: 2024-08-27T11:33:30+05:00
