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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Posted on: 2023-10-26T16:31:56+05:00
