Standard Chartered Bank (Pakistan) Limited has announced record profits for the first half of 2024. The bank’s Profit before tax grew 29 percent to Rs. 49.3 billion, and Profit after tax increased 14 percent to Rs. 21.4 billion.
Revenue growth was driven by strong performance across all segments, while operating expenses remained well-managed. The bank also benefited from lower impairments and recoveries of bad debts.
On the balance sheet, the bank’s total deposits increased, while net advances declined slightly. The bank maintained a strong Capital Adequacy Ratio of 20 percent.
Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, highlighted the bank’s strong business fundamentals, transformation efforts, and commitment to delivering industry-leading services. He acknowledged the challenging external environment but expressed confidence in the bank’s ability to manage risks and continue growing.
The bank’s strong financial performance led to the announcement of an interim cash dividend of 20.0 percent.