KARACHI – Standard Chartered Bank Pakistan Limited (SCBPL) has announced a record-breaking performance for 2024, reporting a profit before tax of PKR 100.6 billion, reflecting a 13% year-on-year (YoY) growth.
The Bank’s performance was driven by strong income growth of 9% YoY, with positive contributions from all business segments. Despite a high inflationary environment and infrastructure investments, operating expenses were well managed, resulting in the lowest cost-to-income ratio in the industry at 19%. A prudent risk management approach and recoveries of bad debts led to a net reversal in impairment of PKR 4.9 billion during the year.
On the liabilities side, SCBPL’s total deposits increased by PKR 116 billion, reaching PKR 836 billion. Current accounts registered a healthy growth of PKR 37 billion, up 10% YoY, comprising 48% of the total deposit base. Meanwhile, on the asset side, net advances were lower by PKR 49 billion, reflecting a 22% decline compared to the previous year.
During 2024, the Bank contributed PKR 78.9 billion to the national exchequer in the form of direct income taxes, as an agent of the Federal Board of Revenue (FBR), and through Federal Excise Duty (FED) and Provincial Sales Taxes.
Future Growth and Digital Transformation
Despite external economic challenges, SCBPL remains committed to delivering sustainable growth for its shareholders and providing best-in-class services to its clients. The Bank aims to continue executing its strategy of combining cross-border capabilities with leading wealth management expertise. Strengthened risk, capital, and liquidity management further position the Bank for long-term stability and success.
SCBPL is also making significant investments in digital capabilities and infrastructure to enhance customer banking experiences through innovative solutions. Commenting on the financial results, Rehan Shaikh, CEO & Head of Coverage, Standard Chartered Bank Pakistan, stated:
“I am incredibly proud of the entire Standard Chartered Pakistan team for delivering a historic performance in 2024. It is their dedication and relentless pursuit of excellence that enabled us to achieve these outstanding results and cross the PKR 100 billion mark. These results reflect our unwavering commitment to our clients and the effectiveness of our strategic priorities. As a Bank with a 160-year legacy in the region, we continue to play a vital role in Pakistan’s economic growth. I am grateful to our shareholders, clients, and business partners for their continued trust in our capabilities.”
With a strong Return on Equity (ROE) of 43% and a Capital Adequacy Ratio (CAR) of 23.5%, the Bank remains well-positioned for future expansion. Following its strong financial performance, SCBPL’s Board of Directors announced a final cash dividend of 55.0% (PKR 5.50 per share). This adds to the interim cash dividend of 35.0% (PKR 3.50 per share) paid earlier, bringing the total dividend payout for the year to 90.0% (PKR 9.0 per share).
Awards and Social Impact Initiatives
Standard Chartered Pakistan continues to receive industry recognition for its financial performance and social impact. The Bank was awarded Best Bank in the Commercial Sector at the 39th Corporate Excellence Awards by the Management Association of Pakistan (MAP). It also received two prestigious accolades from the CFA Society—Best Bank 2023 in the Mid-Sized Banks category and the Gender Diversity at Workplace award. Furthermore, the Bank’s commitment to diversity and inclusion was acknowledged at the GDEIB Awards, where SCBPL won nine awards and was recognized among the top 20 inclusive organizations in Pakistan.
As part of its global Futuremakers initiative, SCBPL runs programs focused on gender disparity, economic inclusion, and employability for disadvantaged groups. The SC Women in Tech Programme has successfully supported over 145 women-led businesses since 2019, providing them with funding and mentorship. Meanwhile, the Goal Programme has empowered over 90,000 adolescent girls in Pakistan since 2016 by offering financial literacy, life skills, and employability training.
Additionally, the Bank partners with Karachi United and recently launched the Seventh Youth League – Football Tournament to promote sports among children for the seventh consecutive year.
With a strong financial foundation and a commitment to innovation and social impact, Standard Chartered Pakistan is poised to continue setting new benchmarks in the country’s banking sector.
