Standard Chartered reports Rs46bn profit for 2024, declares dividend

February 21, 2025 (MLN): Standard Chartered Bank (Pakistan) Limited (PSX: SCBPL) has reported its financial results for the year ended December 31, 2024, reporting a profit after taxation of Rs46 billion, marking an 8% increase from Rs42.6bn in 2023.

SCBPL’s board of directors has recommended a final cash dividend of 55% (Rs5.5 per share of Rs10 each) for 2024.

This comes in addition to the 35% cumulative interim dividend already paid during the year, bringing the total cash dividend payout to 90% for 2024.

Earnings per share (EPS) for the year stood at Rs11.9, up from Rs11.01 in 2023.

The bank’s profit before taxation stood at Rs100.6bn, reflecting a 12.8% rise compared to the previous year.

SCBPL's total income grew by 9.3% to Rs118.2bn in 2024, driven by a significant surge in non-markup income, which rose by 85% to Rs24.6bn.

Key contributors to this growth included a 73.6% increase in foreign exchange income to Rs9.9bn and a substantial recovery in gains on securities, which stood at Rs4.6bn compared to a loss of Rs996 million in 2023.

Fee and commission income also recorded a notable increase of 26.7% to Rs7bn, while dividend income nearly doubled to Rs100mn.

Despite a 4.8% rise in mark-up/return/interest earned, reaching Rs159.1bn, net interest income experienced a slight decline of 1.3% to Rs93.5bn due to a 14.9% increase in mark-up/return/interest expenses, which amounted to Rs65.6bn.

Operating expenses surged by 19.2% to Rs20.3bn, while total non-markup expenses grew by 18.2% to Rs22.4bn.

Credit loss allowance and write-offs showed a remarkable increase of 2916.5%, reaching Rs4.9bn from just Rs162.7mn in 2023.

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