Standard Chartered Bank Posts Rs 5 Billion Profit for H1 2017

Standard Chartered Bank (Pakistan) posted a profit of Rs 5 billion for the first six months of 2017, down by 5.1% from the unconsolidated earnings recorded in Jan-Jun 2017.

According to a bourse sent to PSX by the bank on Tuesday, the mark up income for SCB increased by 8.9% for the six months ended while administrative costs declined 11.2% in the six-month period on a year-on-year basis. Earning per cash for the six months amounted to Rs 1.30 down by 5.11% as compared to last year’s Rs 1.37.

Its three-month profit for the period ended June 30, 2017, increased to Rs 2.36 billion up by 13.46%, up from Rs 2.08 billion in the three-month period of the previous year.

Earnings per share for the April-June 2017 period amounted to Rs0.61, compared to Rs 0.54 for the same three-month period of the previous year.

The bank also announced an interim cash dividend of 7.5%, or Rs 0.75 per share, with the half yearly results.

At the time of filing this report Standard Chartered script hit the upper cap limit trading at 22.66 (+4.96%) with the KSE100 index down to – 420 points.

Standard Chartered enjoys the highest CASA ratio in the banking industry. With 90% of its deposits originating from current and savings accounts (CASA), a cheaper source of funds, Standard Chartered appears to try harder than every other bank to attract cost-free or cheap deposits.

Standard Chartered was assigned a rating of AAA/ A1+ by PACRA. In 2012 and 2013 it won the award for Best Bank in Pakistan by The Asset Triple A for two consecutive years.

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