Standard Chartered reports Rs46bn profit for 2024, declares dividend

MG News | February 21, 2025 at 04:54 PM GMT+05:00

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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.

Statement of profit and loss for the year ended December 31, 2024 (in Rupees '000)	2024	2023	%Change
Mark-up / Return / Interest Earned	159,132,943	151,851,124	4.80%
Mark-up / Return / Interest Expensed	(65,620,024)	(57,117,653)	14.89%
Net Mark-up / Interest Income	93,512,919	94,733,471	-1.29%
Fee and Commission Income	6,991,972	5,519,578	26.68%
Dividend Income	100,000	50,144	99.43%
Foreign Exchange Income	9,919,988	5,712,190	73.66%
Income from Derivatives	1,125,765	2,847,820	-60.47%
Gain / (Loss) on Securities	4,599,917	(996,161)
Other Income	1,921,393	191,392	903.90%
Total Non Mark-up / Interest Income	24,659,035	13,324,963	85.06%
Total Income	118,171,954	108,058,434	9.36%
Operating Expenses	(20,345,120)	(17,058,938)	19.26%
Workers Welfare Fund	(2,044,069)	(1,797,954)	13.69%
Other Charges	(71,036)	(143,055)	-50.34%
Total Non Mark-up / Interest Expenses	(22,460,225)	(18,999,947)	18.21%
Profit Before Credit Loss Allowance	95,711,729	89,058,487	7.47%
Credit Loss Allowance and Write Offs - Net	4,908,422	162,719	2916.50%
Profit Before Taxation	100,620,151	89,221,206	12.78%
Taxation	(54,553,387)	(46,599,375)	17.07%
Profit After Taxation	46,066,764	42,621,831	8.08%
Basic / Diluted Earnings per Share	11.9	11.01

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