KARACHI, February 22, 2025 – Standard Chartered Bank Pakistan Limited (SCBPL) has achieved a record-breaking financial performance, reporting a profit before tax (PBT) of Rs 100.6 billion for the year 2024. This marks a significant 13% year-on-year growth, underscoring the bank’s strong position in the industry despite a challenging economic environment.
The bank’s performance was fueled by a robust 9% increase in income, driven by positive contributions from all business segments. This growth came at a time when inflationary pressures were high and investments in infrastructure were ongoing. Yet, SCBPL effectively managed operating expenses, achieving the lowest cost-to-income ratio in the banking sector at just 19%. Additionally, the bank’s prudent approach to risk management and successful recoveries of bad debts led to a remarkable net reversal of impairment totaling Rs 4.9 billion during the year.
On the liabilities side, SCBPL’s total deposits grew by Rs 116 billion, reaching Rs 836 billion. Notably, current accounts saw a healthy increase of Rs 37 billion, marking a 10% year-on-year growth. These accounts now make up 48% of the bank’s total deposit base, a testament to the strength of its customer relationships and the stability of its funding sources.
On the asset side, the bank reported a decrease of Rs 49 billion in net advances, reflecting a 22% drop compared to the previous year. Despite this, the bank’s overall performance remained resilient, with a solid balance sheet and a keen focus on managing risks effectively.
In terms of its contribution to the national economy, SCBPL paid Rs 78.9 billion in direct income taxes during 2024, acting as an agent of the Federal Board of Revenue (FBR), in addition to Federal Excise Duty (FED) and Provincial Sales Taxes. This reinforces the bank’s commitment to supporting Pakistan’s fiscal growth while maintaining strong corporate governance.
Despite the external challenges, SCBPL remains committed to sustainable growth, delivering top-tier services and solutions to its clients, and contributing to Pakistan’s economic development. The bank’s future strategy revolves around combining its international expertise with a strong focus on wealth management. In line with this, SCBPL is investing significantly in enhancing its digital infrastructure to offer innovative banking solutions, improving the client experience and reinforcing its market position.
Rehan Shaikh, CEO and Head of Coverage at Standard Chartered Bank Pakistan, expressed immense pride in the bank’s 2024 results. “I am incredibly proud of the entire Standard Chartered Pakistan team for delivering a historic performance in 2024. It is their dedication and relentless pursuit of excellence that have enabled us to achieve these outstanding results and cross the PKR 100 billion mark,” he said.
SCBPL’s return on equity (ROE) stood at an impressive 43% for the year, while its Capital Adequacy Ratio (CAR) was 23.5%, indicating a solid foundation for continued growth and stability in the coming years.
In recognition of its stellar financial performance, the Board of Directors declared a final cash dividend of 55%, equivalent to Rs 5.50 per share. This dividend is in addition to the 35% interim cash dividend announced earlier in the year, bringing the total payout for the year to 90%, or Rs 9 per share.
Furthermore, Standard Chartered Bank Pakistan’s excellence in the commercial banking sector was acknowledged at the 39th Corporate Excellence Awards by the Management Association of Pakistan (MAP), where the bank was named “Best Bank in the Commercial Sector.” The bank also won two prestigious awards from the CFA Society: “Best Bank 2023” in the Mid-Sized Banks category and the “Gender Diversity at Workplace” Award.
With this historic achievement, SCBPL continues to strengthen its position as a key player in Pakistan’s banking industry, poised for further success in the years ahead.