[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The balance sheet of Standard Chartered Bank Pakistan continued to grow significantly, and it reported a profit of Rs. 9.19 billion in the first quarter of 2023, an impressive increase of 30% from the same time the year before.
The central bank increased interest rates to an uncomfortably high level, which is why the profit growth is attributed to them. Standard Chartered Bank is not an exception to this rule.
The bank produced an impressive profit before tax of Rs. 16.1 billion for the first quarter of 2023, representing an increase of 37% year over year.
Strong income growth as well as continuing cost and risk restraint were the main factors in the performance.
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On the liabilities side, the bank’s total deposits were Rs. 729 billion, up Rs. 10.3 billion, while current and savings accounts, which make up 98 percent of the deposit base, have grown by Rs. 28 billion (up 4 percent) since the beginning of 2023. On the asset side, net advances went up by 6%, and the bank kept up its cautious lending policy.
With regard to its strategic aims, Standard Chartered keeps making significant progress. The Bank distinguishes itself from its competitors for its clients by presenting creative solutions, product specialisation, and structured offshore offers. The Bank continuously aims to maximise its commitment to State Bank initiatives.
With an improved digital offering, Standard Chartered is now able to reach more customers inside the country and give them the ease of opening accounts as well as subscribing to products and banking services online, in keeping with the State Bank’s initiatives on financial inclusion.
Overall, the bank’s transformation process is well-planned, perfectly in line with Pakistan’s environment, and aids in increasing involvement through digitalization. Areas of intense focus include sustainable financing as well as digital solutions for clients and their ecosystem.
Rehan Shaikh, the Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, commented on the results, saying, “Our results for the first quarter of 2023 have established a strong and hopeful tone for the year and we want to build on this momentum moving forward. The outcomes show strong underpinnings and a precise route towards achieving our strategic targets. They also demonstrate our dedication to the nation and our determination to seize market possibilities while offering our clients best-in-class banking services.
“While investing in upcoming technologies and capabilities, we keep improving our operational efficiency and innovation. Our continued shift to digital is focused on implementing best practises, utilising the network’s knowledge, and incorporating customer feedback into our solutions, he added.[/vc_column_text][/vc_column][/vc_row]
