Standard Chartered enjoys 36% improvement in bottom-line gains

By MG News | February 27, 2019 at 11:49 AM GMT+05:00

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February 27, 2019 (MLN): Standard Chartered Bank (SCBPL) announced its financial earnings for the year ended December 31, 2018 today, wherein it reported Profit after tax of Rs. 11.2 billion (EPS: Rs. 2.9), 36% higher YoY.

The increase in earnings was due to higher total income which rose by 12% to Rs 28.5 billion, as well as lower non-interest expenses which fell by 4% to Rs. 11.2 billion.

The bank also gave a final cash dividend of Rs. 1.5 per share i.e. 15%. This is in addition to the 7.5% interim dividend already paid in 2018.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Mark-up / return / interest earned	31,206,960	26,798,792	16.45%
Mark-up / return / interest expensed	-12,376,471	-10,300,723	20.15%
Net mark-up / interest income	18,830,489	16,498,069	14.14%
NON MARK-UP / INTEREST INCOME
Fee and commission income	4,156,666	4,414,208	-5.83%
Dividend income		875
Foreign exchange income	5,480,279	3,080,797	77.89%
Income / (loss) from derivatives	-1,336,192	527,693
Gain / (loss) on securities	1,278,642	893,201	43.15%
Other income	108,297	65,076	66.42%
Total non-mark-up / interest income	9,687,692	8,981,850	7.86%
Total Income	28,518,181	25,479,919	11.92%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	-10,886,745	-11,456,760	-4.98%
Workers welfare fund	-369,546	-269,061	37.35%
Other charges	-33,774	-17,309	95.12%
Total non-mark-up / interest expenses	-11,290,065	-11,743,130	-3.86%
Profit before provisions	17,228,116	13,736,789	25.42%
Recovery / (provisions) and write offs - net	1,218,457	-283,664
PROFIT BEFORE TAXATION	18,446,573	13,453,125	37.12%
Taxation	-7,207,213	-5,207,963	38.39%
PROFIT AFTER TAXATION	11,239,360	8,245,162	36.31%
BASIC / DILUTED EARNINGS PER SHARE	2.90	2.13	36.15%

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