KARACHI, 28 February 2019 – Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank, today announced its Annual Results for 2019.
The Bank had a record year of performance in 2019 and delivered a Profit before tax of PKR 27.2 billion, which is 47 percent higher than last year. Profit after tax registered a growth of 43 per cent to close at PKR 16 billion; highest ever since its incorporation.
All businesses have a positive momentum in client income which grew 31 per cent year on year with strong growth in underlying drivers. Momentum in advances (net) continues with 29 per cent growth since the start of the year. This was the result of a targeted strategy to leverage our brand, client relationships and strong global network in building profitable and high-quality portfolios.
The Bank continued to maintain its leadership in low cost deposits with CASA to Deposits ratio of 93per cent despite strong competition. Total deposits recorded a growth of 10per cent, with CASA growing by 8per cent in 2019.