SCBPL reports 12.5% profit drop in third quarter

MG News | October 29, 2024 at 10:40 AM GMT+05:00

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October 29, 2024 (MLN): Standard Chartered Bank (Pakistan) Ltd (PSX: SCBPL) reported a 12.51% decline in third-quarter earnings, with profit after tax falling to Rs11.08 billion [EPS: Rs2.86], compared to Rs12.66bn [EPS: Rs3.27] in the same period last year (SPLY).

According to the income statement made available by the bank on the PSX, the bank's markup interest income decreased 7.46% to Rs23.95bn, compared to Rs25.88bn recorded in Q3 2024.

On the other hand, SCBPL saw an extraordinary spike in its non-markup income, which surged from Rs4..41 in Q3CY24 to Rs7.61bn in Q3 2024.

The rise is attributed to a major improvement in its derivatives income and gain from securities.

Nonetheless, the decline in interest income, coupled with rising expenses and taxation, weighed on the bank and led to a drop in profits.

The profit and loss statement shows that the total non-mark-up/interest expenses stood at Rs5.39bn, up by 12.06% YoY.

Under the non-markup expenses, all sub-headers surged during the review period.

SCBP also incurred a provision reversal of Rs71.68m, compared to a provision expense of Rs627.07m recorded in Q3 2023.

On the taxation front, the bank paid Rs15.17bn, 24.3% YoY higher than the amount paid in SPLY.

Profit and Loss Account for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	41,330,303	41,230,623	0.24%
Mark-up/return/interest expenses	(17,376,654)	(15,345,924)	13.23%
Net mark-up/return/interest income	23,953,649	25,884,699	-7.46%
NON MARK-UP/NON INTEREST INCOME
Fees and commission income	1,556,094	1,336,723	16.41%
Dividend income	-	56	-
Foreign exchange income	2,347,221	2,530,810	-7.25%
Income / (loss) from derivatives	1,066,656	256,223	316.30%
Gain / (loss) on securities	2,609,494	281,421	827.26%
Other income	28,710	8,424	240.81%
Total non-mark-up/ non-interest income	7,608,175	4,413,657	72.38%
Total Income	31,561,824	30,298,356	4.17%
NON MARK-UP/NON INTEREST EXPENSES			-
Operating expenses	(4,822,634)	(4,187,450)	15.17%
Workers welfare fund	(499,446)	(619,617)	-19.39%
Other charges	(66,412)	(381)	17330.97%
Total non-mark-up/ non-interest expenses	(5,388,492)	(4,807,448)	12.09%
Profit before provisions	26,173,332	25,490,908	2.68%
(Provisions) / recovery and write offs - net	71,676	(627,070)	-111.43%
Extraordinary/unusual items	-	-	-
Profit before taxation	26,245,008	24,863,838	5.55%
Taxation	(15,165,763)	(12,200,486)	24.30%
Profit after taxation	11,079,245	12,663,352	-12.51%
Basic/Diluted Earnings per share	2.86	3.27	-

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