Standard Chartered Bank (Pakistan) Limited (PSX: SCBPL) addressed the recent surge in its share price, attributing it to the bank’s stellar financial performance in 2023.
In a statement to the Pakistan Stock Exchange (PSX), SCBPL clarified that the positive share price trend followed the announcement of their CY23 financial results on February 23, 2024. These results, boasting record-breaking profits, resonated well with investors amidst a bullish market sentiment.
SCBPL’s CY23 financials showcased a groundbreaking Profit Before Tax of Rs. 89.2 billion, translating into their highest ever dividend payout since incorporation. The combined dividend for 2023 stood at a significant 90%, or Rs. 9 per share.
“We remain committed to upholding strict regulatory compliance,” the statement added, assuring the PSX of prompt disclosure for any price-sensitive information.
This response comes after PSX requested explanations from SCBPL and three other listed companies regarding unusual share price movements.
At the time of filing, SCBPL’s share price reached Rs. 55.1, reflecting a 2.89% or Rs. 1.55 increase with a trading volume of 47,500 shares on Wednesday.