In a remarkable financial display, Standard Chartered Bank Pakistan has announced a record-breaking profit before tax of Rs. 63.0 billion for the nine months ending on September 30, 2023. This impressive achievement represents a staggering 73 percent year-on-year increase. Furthermore, the profit after tax has shown astounding growth, surging by 121 percent year-on-year to reach Rs. 31.4 billion during the same nine-month period. These remarkable numbers have been driven by robust income growth, combined with unwavering cost management and disciplined risk practices.

The Driving Forces

The exceptional performance of Standard Chartered Bank Pakistan can be attributed to various factors:

1. Strong Income Growth

The bank experienced substantial income growth during this period. This surge in revenue played a pivotal role in their overall financial success.

2. Cost and Risk Discipline

Standard Chartered Bank Pakistan demonstrated exceptional cost and risk discipline throughout the nine months. This approach ensured that the bank operated efficiently and effectively.

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3. Revenue Growth Across All Segments

The bank achieved a remarkable feat by recording a 70 percent growth in overall revenue, amounting to an impressive Rs. 76.9 billion. This growth was driven by contributions from all segments, showcasing the bank’s diversified and robust business operations.

4. Impressive Growth in Net Interest Income

The bank’s Net Interest Income showed an astounding growth of 131 percent year-on-year. This remarkable increase was the result of proactive balance sheet management, pricing discipline, and favorable interest rate conditions.

5. Managing Operating Expenses

Despite the challenges posed by inflation, the bank managed to control operating expenses, limiting the increase to 27 percent compared to the previous period.

6. Prudent Risk Approach

The bank’s prudent risk approach was reflected in lower impairments and recoveries of bad debts, resulting in a modest charge of only Rs. 615 million for the period.

Balancing the Ledger

On the liabilities side, the bank’s total deposits stood at an impressive Rs. 725 billion. Current accounts, in particular, registered a strong growth of Rs. 68 billion, marking a 21 percent increase since the beginning of the year. On the assets side, net advances also saw significant growth, amounting to Rs. 18 billion, which is a 9 percent increase since the start of the year.

A Strong Foundation for Growth

Standard Chartered Bank Pakistan has maintained a strong Return on Equity (ROE) of 46.3 percent for this period. With a Capital Adequacy Ratio (CAR) of 20.4 percent, the bank is well-prepared for future growth. In light of this outstanding performance, the Board of Directors has announced an interim cash dividend of 25.0 percent (Rs. 2.50 per share) for the nine-month period ending on September 30, 2023. This is in addition to the 40.0 percent (Rs. 4.00 per share) interim cash dividend declared during the first half of the year, ending on June 30, 2023.

A Message from the CEO

Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank Pakistan, shared his thoughts on the bank’s remarkable performance: “I am pleased to share our 3rd quarter results reflecting our resilience, strong foundations, continued transformation, and enhanced headway towards achieving our strategic priorities. The results also underpin our commitment to the country and our desire to gain opportunities in the market while supporting our clients by providing deep expertise to help meet their ambitions. Our focus remains on leveraging our network to facilitate our clients in the various trade corridors as well as building momentum in Sovereign, Multinational, and Local Corporates space. Within consumer banking, we are deepening the opportunity in the Affluent segment while digitizing our mass proposition.”

He further stated, “We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. Adoption of new ways of working has been delivering concrete outcomes in terms of productivity, staff well-being, and our approach to doing business. I am thankful to our clients and business partners for their ongoing trust in our abilities and to our associates and colleagues for their commitment, passion, and hard work in supporting the bank on its journey. The external environment remains challenging; however, we remain fully committed to delivering sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients, and playing our part in the growth story of Pakistan.”


Standard Chartered Bank Pakistan’s remarkable financial performance for the nine months ending on September 30, 2023, is a testament to the bank’s commitment to excellence, strong financial discipline, and innovative approach. With substantial profit growth, controlled expenses, and prudent risk management, the bank is well-positioned for continued success.


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