Standard Chartered Bank delivers a resilient performance


  • Profit before Tax of PKR 24.8 billion, up 5 per cent year on year
  • Strong growth in net advances of 31 per cent
  • Healthy increase in deposits of 13 per cent
  • Cost discipline continues with a reduction in operating expenses of 3 per cent
  • Prudent risk approach and strong recoveries delivering lower loan impairment

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a resilient financial performance in 2021 with a profit before tax of PKR 24.8 billion compared to PKR 23.6 billion in 2020. Performance was driven by strong balance sheet growth, continued productivity improvements and risk discipline.

The Bank’s revenue was lower by PKR 3.5 billion primarily due to sharp reduction in interest rates in Q2’20 and market volatility. Despite investment in infrastructure and inflationary pressures, administrative costs continue to be well managed through operational efficiencies and disciplined spending resulting in a decrease of 3% year on year. Moreover, strong recoveries and lower impairments as a result of prudent risk approach led to a net charge of PKR 0.5 billion compared to a net charge of PKR 4.9 billion in the comparative period.

All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by PKR 56 billion (up 31%) since the start of the year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 70 billion (up 13%), whereas current and saving accounts grew by PKR 63 billion (up 12%) since the start of the year and comprise 92% of the deposit base.

The Bank continued to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. The Bank strives to maximise the contribution to SBP initiatives on promoting housing finance and is consistently ranked amongst the top three. As of now over PKR 3 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL is also amongst the top five contributors towards the Roshan Digital initiative and channelled remittances of over USD 320 million since inception and contributed USD 270 million to the investments in Naya Pakistan Certificate (NPC). The Bank is the first in the industry to offer Raast payment services to clients through all three channels i.e. Over the Counter, Mobile App and Online Banking.

Standard Chartered has continued to invest in technological advancements and digital infrastructure to provide further convenience and cyber security to client’s digital transactions. With the launch of its digital bank, Standard Chartered is now able to reach more clients across the country and provide them with digital banking services that has now enabled clients to open Current or Saving account through our Biometric enabled SC Mobile app. The App also offers convenience to activate Debit/Credit cards or foreign exchange conversion. Plans are also in place to offer host of other products and services that bring more accessibility to our clients.

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to announce our results for the year 2021. They demonstrate strong foundations and a clear path towards delivering on our strategic priorities. The new ways of working introduced by the Bank are delivering concreate outcomes in terms of productivity and our approach to business. Our pivot to digital continues to result in greater efficiency and growth in underlying drivers, while positioning the Bank for the future.

As a Bank we have continued to make a mark on sustainability and impact through the execution of several sustainable finance transactions, reduction in carbon footprint and efforts to tackle inequality and promote greater economic inclusion through Futuremakers by Standard Chartered. We stand fully committed to play our part in the growth story of Pakistan whilst providing best in class banking to our clients.”

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