Standard Chartered (Pakistan) manages 51% growth in net earnings during 3MCY20

May 18, 2020 (MLN): Standard Chartered Bank (Pakistan) Limited has announced the financial results for the quarter ended March 31, 2020, which show a Profit after-tax figure of Rs. 5.3 billion (EPS: 1.37), which is nearly 51% higher than the profits recorded in the same period of last year.

SCBPL saw a 23.5% growth in its net interest income, owing to a 41.4% surge in the overall interest earned and despite a 63.5% increase in interest expenses.

Besides, the non-interest income grew by around 35% on the back of an increase of 1.34x in income from derivatives and 5.42x in gain on securities. However, the earnings were restricted by items such as Fees, commission and brokerage income, and Foreign exchange income, which fell by 15.5% and 34% respectively.

On the other hand, the operating expenses of the bank increased by merely 5.6% whereas workers’ welfare fund went up by 26%, which caused the total non-interest expenses to increase by 6.2%.

Profit and Loss Account for the three months ended March 31, 2020 ('000 Rupees)

 

Mar-20

Mar-19

% Change

Mark-up/return/interest earned

15,801,195

11,174,990

41.40%

Mark-up/return/interest expenses

(8,162,195)

(4,991,168)

63.53%

Net mark-up/return/interest income

7,639,000

6,183,822

23.53%

NON-MARK-UP/NON-INTEREST INCOME

   

Fees, commission and brokerage income

998,895

1,182,170

-15.50%

Dividend income

  

Foreign exchange income

875,956

1,328,325

-34.06%

Income / (loss) from derivatives

874,516

372,357

134.86%

Gain / (loss) on securities

1,493,095

232,494

542.21%

Other income

10,751

36,807

-70.79%

Total non-mark-up/ non-interest income

4,253,213

3,152,153

34.93%

Total Income

11,892,213

9,335,975

27.38%

NON-MARK-UP/NON-INTEREST EXPENSES

   

Operating expenses

(2,775,982)

(2,629,236)

5.58%

Workers welfare fund

(165,336)

(131,328)

25.90%

Other charges

 

(9,031)

 

Total non-mark-up/ non-interest expenses

(2,941,318)

(2,769,595)

6.20%

Profit before provisions

8,950,895

6,566,380

36.31%

(Provisions) / recovery and write offs – net

(187,025)

173,851

 

Extraordinary/unusual items

 

Profit before taxation

8,763,870

6,740,231

30.02%

Taxation

(3,455,420)

(3,222,493)

7.23%

Profit after taxation

5,308,450

3,517,738

50.91%

Basic and diluted earnings per share (Rupees)

1.37

0.91

50.55%

 

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Posted on: 2020-05-19T10:49:00+05:00

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