Karachi: Standard Chartered Bank (Pakistan) Limited has showcased a significant financial performance in the first half of 2024, as evident from the profit and loss statement released recently. The report, disclosed to the Pakistan Stock Exchange, highlights key financial outcomes for the six-month period ending on June 30, 2024.
In the first half of 2024, the bank achieved a net mark-up/interest income of Rs 48.04 billion, a substantial increase from the Rs 42.52 billion recorded in the corresponding period of the previous year. The total income for the period stood at Rs 57.92 billion compared to Rs 46.63 billion during the same period in 2023, marking an increase that reflects the bank's enhanced operational efficiency and diversified revenue streams.
According to information available from the Pakistan Stock Exchange (PSX), the bank also reported non-mark-up/interest income of Rs 9.88 billion, supported by robust fee and commission income, and foreign exchange income. This diversification in income sources underscores the bank's strategic initiatives to broaden its financial base beyond traditional banking operations.
The bank's expenses, including operating costs and other charges, were managed effectively, totaling Rs 10.40 billion for the period, against a backdrop of economic fluctuations. After accounting for taxation, the profit after taxation reached an impressive Rs 21.47 billion, nearly doubling from Rs 18.78 billion in the first half of 2023.
In addition to financial results, Standard Chartered Bank announced a second interim cash dividend of Rs 2 per share, following a first interim dividend of Rs 1.5 per share earlier this year. This decision reflects the bank’s strong capital position and commitment to delivering shareholder value.
Shareholders registered by September 6, 2024, will be eligible for the dividend, with the share transfer books remaining closed from September 9 to 11, 2024. The bank ensures compliance with regulatory requirements by timely transmitting the financial statements through the Pakistan Unified Corporate Reporting System.