SCBPL profit spikes 2.21x YoY to Rs31.45bn, rewards 25% DPS

By MG News | October 26, 2023 at 04:31 PM GMT+05:00

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October 26, 2023 (MLN): Standard Chartered Bank (Pak) Ltd (PSX: SCBPL) announced its results for the nine months of 2023 where the bank’s net profits soared by 2.21x to Rs31.45 billion [EPS: Rs8.12] compared to Rs14.24bn [EPS: Rs3.68] in the same period last year (SPLY).

Along with the 9MCY23, the Board of Directors (BoD) of SCBPL has recommended an interim cash dividend for 3QCY23 at Rs2.5 per share i.e. 25%.

This is in addition to interim Dividend(s) already paid at Rs4 per share i.e. 40%.

Going by the income statement made available by the company on the PSX, the bank witnessed an increase of 2.31x YoY in its markup interest income to clock in at Rs68.41bn against Rs29.59bn in the same period last year (SPLY).

On the other hand, the bank’s total non-markup interest income declined by 45.12% YoY to Rs8.53bn as compared to Rs15.55bn in SPLY.

This was due to a massive decline in foreign exchange income of 68.8% YoY to Rs3.36bn in 9MCY23.

In addition, SCBPL incurred a loss on securities of Rs1.12bn, compared to a gain of Rs2.11bn in the SPLY.

The profit and loss statement further shows that the nine months’ total non-mark-up/interest expenses stood at Rs12.32bn, up by 30.05% YoY.

On the taxation front, the bank paid Rs31.56bn, 42.23% YoY higher than the Rs22.19bn paid in SPLY.

Profit and Loss Account for the nine months ended September 30, 2023 ('000 Rupees)
	Sep-23	Sep-22	% Change
Mark-up/return/interest earned	110,267,980	61,817,032	78.38%
Mark-up/return/interest expenses	(41,859,697)	(32,226,122)	29.89%
Net mark-up/return/interest income	68,408,283	29,590,910	131.18%
NON-MARK-UP/NON INTEREST INCOME
Fees and commission income	3,897,776	2,385,882	63.37%
Dividend income	50,140	25,901
Foreign exchange income	3,355,228	10,752,472	-68.80%
Income / (loss) from derivatives	2,173,720	223,583	872.22%
Gain / (loss) on securities	(1,124,597)	2,109,042	-153.32%
Other income	181,521	52,637	244.85%
Total non-mark-up/ non-interest income	8,533,788	15,549,517	-45.12%
Total Income	76,942,071	45,140,427	70.45%
NON MARK-UP/NON INTEREST EXPENSES
Operating expenses	(12,087,408)	(9,489,385)	27.38%
Workers welfare fund	(1,230,203)	(743,520)	65.46%
Other charges	(3,106)	(10,161)	-69.43%
Total non-mark-up/ non-interest expenses	(13,320,717)	(10,243,066)	30.05%
Profit before provisions	63,621,354	34,897,361	82.31%
(Provisions) / recovery and write offs - net	(615,139)	1,535,131	-
Extraordinary/unusual items	-	-
Profit before taxation	63,006,215	36,432,492	72.94%
Taxation	(31,558,258)	(22,187,526)	42.23%
Profit after taxation	31,447,957	14,244,966	120.77%
Basic/Diluted Earnings per share	8.12	3.68	-

SCBPL and KSE-100 YTD Performance

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