Standard Chartered reports an 18% decline in earnings during 2020

February 26, 2021 (MLN): Standard Chartered Bank has earned profits of Rs. 13.13 billion (EPS: 3.39) during the year ended December 31, 2020, i.e. around 18% lower as compared to the earnings recorded in same period of last year.

The Bank also recommended a final cash dividend @ 27.5% i.e. Rs. 2.75 per share during the year.

The net interest income of SCBPL witnessed a 0.17% decline, whereas non-interest income saw a 17.54% growth. As a result, the total income of the bank grew by 4.77%.

On the other hand, the total non-interest expenses grew by 4.11%, owing to higher expenses and workers’ welfare fund. The bank also paid provisioning charges of Rs. 4.9 billion during the year.

Profit and Loss Account for the year ended on December 31, 2020 ('000 Rupees)

 

Dec-20

Dec-19

% Change

Mark-up/return/interest earned

52,221,970

52,240,154

-0.03%

Mark-up/return/interest expenses

(24,082,373)

(24,053,613)

0.12%

Net mark-up/return/interest income

28,139,597

28,186,541

-0.17%

NON-MARK-UP/NON-INTEREST INCOME

   

Fees and commission income

4,087,281

3,602,430

13.46%

Dividend income

 

Foreign exchange income

3,967,308

4,197,403

-5.48%

Income / (loss) from derivatives

1,165,568

1,177,969

-1.05%

Gain / (loss) on securities

3,380,515

1,799,304

87.88%

Other income

199,534

112,668

77.10%

Total non-mark-up/ non-interest income

12,800,206

10,889,774

17.54%

Total Income

40,939,803

39,076,315

4.77%

NON-MARK-UP/NON INTEREST EXPENSES

   

Operating expenses

(11,878,809)

(11,128,663)

6.74%

Workers welfare fund

(492,035)

(732,699)

-32.85%

Other charges

(11,765)

(32,560)

-63.87%

Total non-mark-up/ non-interest expenses

(12,382,609)

(11,893,922)

4.11%

Profit before provisions

28,557,194

27,182,393

5.06%

Provisions and write offs – net

(4,940,714)

16,810

 

Extraordinary/unusual items

 

Profit before taxation

23,616,480

27,199,203

-13.17%

Taxation

(10,483,498)

(11,181,756)

-6.24%

Profit after taxation

13,132,982

16,017,447

-18.01%

Basic and diluted earnings per share (Rupees)

3.39

4.14

-18.12%

 

Copyright Mettis Link News

Posted on: 2021-02-26T10:42:00+05:00

39938