KARACHI - Standard Chartered Bank (Pakistan) Limited has announced its Q1 2012 results. The bank continues to build on the business momentum despite challenging economic and external environment, says a Press release. The bank’s profit (before tax) has grown by 28 per cent to PKR 2.4 billion in Q1 2012, with earnings per share up at PKR 0.40 per share from PKR 0.30 per share in Q1 2011. The Bank has successfully executed its strategy of focused growth, improved cost discipline and prudent credit expansion resulting in improved financial performance with steady revenue and decreasing loan impairments. Administrative costs have remained flat despite continuing double digit inflation emphasising the Bank’s strict cost discipline.
Deposits have increased by 5% to PKR 247 billion from PKR 236 billion, while advances (net of provisions) have grown by 7% to PKR 138 billion from PKR 130 billion in December 2011. Focus remains on Wholesale Banking and SME customers on assets side while liquidity is generated mainly from retail customers.