SCB posts H1 profit up 14pc

KARACHI: Standard Chartered Bank Pakistan Limited (SCB) on Tuesday reported a 14 percent increase in its half-year net profit, due to an increase in interest earned income.

In a statement to the Pakistan Stock Exchange (PSX), the bank reported a net profit of Rs21.48 billion for the half-year that ended June 30, up from Rs18.78 billion during the same period the previous year.

The bank also announced an interim cash dividend of Rs2 a share, which is in addition to the interim cash dividend already paid at Rs1.5 per share.

Earnings per share came in at Rs5.55 a share, compared with Rs4.85 a share last year. The bank said its interest earned income for the half-year rose to Rs82.37 billion, compared with Rs26.51 billion during the same period a year earlier. Interest expensed income also remained higher at Rs34.33 billion from Rs26.51 billion a year ago.

For the quarter that ended June 30, the bank reported a net profit of Rs10.24 billion, up from Rs9.593 billion during the same quarter last year.

EPS for the quarter was recorded at Rs2.65 against Rs2.48 a share last year.

In a statement, the bank said while operating expenses increased 22 percent from comparative period in line with inflation, the bank continues to lead the industry with the lowest cost to income ratio of 18 per cent.

Commenting on the results, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited Rehan Shaikh said, “Our H1 2024 results are a testament to the strong business fundamentals and the work we have put in over the last few years to transform and grow our business.”

“We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future to provide best-in-class banking to our clients. Our pivot to digital continues based on adopting best practices, leveraging the group expertise and incorporating feedback of our clients in our offerings.”