Standard Chartered Bank’s profits surge by 36% YoY during 1HCY20

By MG News | August 25, 2020 at 10:49 AM GMT+05:00

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August 25, 2020 (MLN): Standard Chartered Bank (Pakistan) Limited (SCBPL) has unveiled its financial results for 1HCY20 ended on June 20, 2020, as per which, the bank has reported a significant increase of 36% YoY in net profits which clocked in at Rs 9.85 billion (EPS: Rs 2.54) against net profits of Rs 7.23 billion of the same period last year.

The improvement in net earnings was mainly attributable to a rise in Net interest income (NII), up by 19% YoY.

The bank’s interest income rose 29%YoY in 1HCY20 but a greater percentage increase in interest expense by 41% YoY restricted the growth in bank’s net interest income (NII) to 19% YoY during the said period.

According to the financial results issued by the bank, during the period under review, non-funded income (NFI) of the bank jumped up by 41.55% YoY mainly on account of huge capital gains (up by 4.7 times YoY) and higher-income derivatives of Rs 990 million (up by 4.2 times YoY) despite a 21% YoY decline in fee and commission income.

However, the provisioning charges of Rs 1.27 billion reduced the favorable impact of NII and NFI to a certain extent. In 1HCY20, the bank paid taxes worth Rs 6.4 billion, up by 13% YoY.

Profit and Loss Account for the Half-year ended June 30, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Mark-up/return/interest earned	30,218,323	23,435,783	28.94%
Mark-up/return/interest expenses	(14,684,273)	(10,395,904)	41.25%
Net mark-up/return/interest income	15,534,050	13,039,879	19.13%
NON-MARK-UP/NON-INTEREST INCOME
Fees and commission income	1,676,577	2,115,490	-20.75%
Dividend income	-	-
Foreign exchange income	2,602,274	2,668,539	-2.48%
Income / (loss) from derivatives	990,614	233,598	324.07%
Gain / (loss) on securities	2,689,887	567,187	374.25%
Other income	14,978	48,586	-69.17%
Total non-mark-up/ non-interest income	7,974,330	5,633,400	41.55%
Total Income	23,508,380	18,673,279	25.89%
NON-MARK-UP/NON-INTEREST EXPENSES
Operating expenses	(5,615,895)	(5,377,868)	4.43%
Workers welfare fund	(363,495)	(388,989)	-6.55%
Other charges	(2,885)	(21,393)	-86.51%
Total non-mark-up/ non-interest expenses	(5,982,275)	(5,788,250)	3.35%
Profit before provisions	17,526,105	12,885,029	36.02%
(Provisions) / recovery and write offs - net	(1,274,189)	13,108	-
Extraordinary/unusual items	-	-
Profit before taxation	16,251,916	12,898,137	26.00%
Taxation	(6,400,989)	(5,666,677)	12.96%
Profit after taxation	9,850,927	7,231,460	36.22%
Basic/Diluted Earnings per share	2.54	1.87	35.83%

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