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

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

By
News Desk
-
August 29, 2019

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 30th 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%

Copyright Mettis Link News

Posted on: 2019-08-29T12:56:00+05:00

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