Pakistan’s Largest Foreign Bank, Standard Chartered Bank (Pakistan) Limited, announced its financial results for first quarter 2021 where Net profit declined by 39% YoY owing to lesser Interest Income and absence of Capital Gains during the Quarter.
The Bank posted a Profit before tax of PKR 5.9 billion. However, The profitability against the preceding quarter (Q4’20) is up by 61per cent mainly on account of strong recoveries and prudent risk approach.
Bank made Net Interest Income of PKR 6.02 billion for the period as compared to PKR 7.6 billion in same period last year, which is reflective of sharp reduction in interest rates.
Operating expenses remained well managed through efficiencies and disciplined spending with a marginal rise of just 2per cent compared to same period last year. Bank also continued to invest in its technology and digital infrastructure to enable future growth and provide innovative services to our clients.
Non interest Income of the bank declined to PKR 2.28billion as comapred to PKR 4.25 billion in same period last year. The massive decline in Non-interest Income was primarily due to lower Capital Gains on sale of securities which are recorded at PKR527mn as comapred to PKR 1.49billion last year.
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