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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