August 29, 2019 (MLN): Standard Chartered Bank Pakistan Limited (SCBPL), the oldest and largest international bank in Pakistan reported its half yearly profits increased by 39% to Rs 7.2 billion with Earning share (EPS) recorded at Rs 1.84 for six months ended on June 30th 2019.
According to the financial results announced by the bank, net interest income surged by 51% mainly due to 69% increase in bank’s interest income earned during the period.
With regards to non-interest income avenues, bank’s fee and commission income dipped by 15%, income earned from foreign exchange operations mounted by 9%, whereas, its other income fell by 13%.
However, the bank’s other charges, workers’ welfare fund and tax payments increased by a significant margin, the impact was not adequate to decline bank’s profitability.
| Profit & Loss Account for the Period Ending June 30, 2019 – (Rupees’000) | |||
|---|---|---|---|
|
Jun-19 |
Jun-18 |
% Change |
|
| Mark-up/return/interest earned |
23,435,783 |
13,905,847 |
69% |
| Mark-up/return/interest expensed |
-10,196,449 |
-5,162,176 |
98% |
| Net mark-up/interest income |
13,239,334 |
8,743,671 |
51% |
| Non mark-up/interest income |
|
||
| Fee and commission income |
1,916,035 |
2,241,052 |
-15% |
| Dividend income |
– |
– |
|
| Foreign exchange income |
2,668,539 |
2,441,827 |
9% |
| Gain from derivatives |
233,598 |
-383,094 |
-161% |
| Gain / (loss) on sale of securities |
567,187 |
621,463 |
-9% |
| Share of profit for associates |
– |
|
|
| Other income |
48,586 |
55,805 |
-13% |
| Total non-mark-up/interest income |
5,433,945 |
4,977,053 |
9% |
| Total income |
18,673,279 |
13,720,724 |
36% |
| Non mark-up/interest expenses |
|
||
| Operating expenses |
-5,377,868 |
-5,629,725 |
-4% |
| Workers welfare fund |
-388,989 |
-169,333 |
130% |
| Other charges |
-21,393 |
-865 |
2373% |
| Total non-mark-up/interest expenses |
-5,788,250 |
-5,799,923 |
0% |
| Profit before provisions |
12,885,029 |
7,920,801 |
63% |
| Provisions and write offs – net |
13,108 |
545,881 |
-98% |
| Extra-ordinary/ unusual items |
|
||
| Profit before taxation |
12,898,137 |
8,466,682 |
52% |
| Taxation |
-5,666,677 |
-3,278,479 |
73% |
| Profit after taxation |
7,231,460 |
5,188,203 |
39% |
| Earnings per share – basic (rupees) |
1.87 |
1.34 |
40% |
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