KARACHI (PR): Standard Chartered Bank (Pakistan) Limited has announced its results for the nine months period ended 30 September 2018.

The Bank performed fundamentally well with a profit before tax of PKR 12.6 billion compared to PKR 10.6 billion in corresponding period last year, delivering a growth 20per cent year on year. Overall revenue growth was 5 per cent, whereas client revenue has increased by 9 per cent year on year with positive contribution from transaction banking, financial markets and retail deposits.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 8 per cent since the start of this year. 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 9 per cent, whereas current and saving accounts grew by 10 per cent since the start of this year. The continuous increase in low cost deposits has significantly supported the Bank’s performance with current and savings accounts comprising 93 per cent of the deposit base.