Standard Chartered Bank Pakistan reports 39% increase in semi-annual profits

MG News | August 29, 2019 at 12:56 PM GMT+05:00

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August 29, 2019 (MLN): Standard Chartered Bank Pakistan Limited (SCBPL), the oldest and largest international bank in Pakistan reported its half yearly profits increased by 39% to Rs 7.2 billion with Earning share (EPS) recorded at Rs 1.84 for six months ended on June 30^th 2019.

According to the financial results announced by the bank, net interest income surged by 51% mainly due to 69% increase in bank’s interest income earned during the period.

With regards to non-interest income avenues, bank’s fee and commission income dipped by 15%, income earned from foreign exchange operations mounted by 9%, whereas, its other income fell by 13%.

However, the bank’s other charges, workers’ welfare fund and tax payments increased by a significant margin, the impact was not adequate to decline bank’s profitability.

Profit & Loss Account for the Period Ending June 30, 2019 - (Rupees'000)
	Jun-19	Jun-18	% Change
Mark-up/return/interest earned	23,435,783	13,905,847	69%
Mark-up/return/interest expensed	-10,196,449	-5,162,176	98%
Net mark-up/interest income	13,239,334	8,743,671	51%
Non mark-up/interest income
Fee and commission income	1,916,035	2,241,052	-15%
Dividend income	-	-
Foreign exchange income	2,668,539	2,441,827	9%
Gain from derivatives	233,598	-383,094	-161%
Gain / (loss) on sale of securities	567,187	621,463	-9%
Share of profit for associates	-
Other income	48,586	55,805	-13%
Total non-mark-up/interest income	5,433,945	4,977,053	9%
Total income	18,673,279	13,720,724	36%
Non mark-up/interest expenses
Operating expenses	-5,377,868	-5,629,725	-4%
Workers welfare fund	-388,989	-169,333	130%
Other charges	-21,393	-865	2373%
Total non-mark-up/interest expenses	-5,788,250	-5,799,923	0%
Profit before provisions	12,885,029	7,920,801	63%
Provisions and write offs - net	13,108	545,881	-98%
Extra-ordinary/ unusual items
Profit before taxation	12,898,137	8,466,682	52%
Taxation	-5,666,677	-3,278,479	73%
Profit after taxation	7,231,460	5,188,203	39%
Earnings per share - basic (rupees)	1.87	1.34	40%

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