Standard Chartered is all about sizzling news these days. The bank recently announced the results of the last nine months of this current year which shows the bank profiting immensely.
With a profit before tax of Rs. 12.1 billion, the bank earned a significant amount in the 3rd quarter although the margin was relatively low due to low interest rates. This is quite favorable for the bank.
The best thing about the bank was that it was able to lower the administrative expenses by decreasing of operational heads, a 1% discount emerged. Not just this, the bank gained a significant edge in its profits through recoveries of bad debts whereas less damages related led to an overall increase in the following period.
The bank is reported to have seen favorable responses in different heads to make their portfolio strong, effective and profitable. Coming to the liabilities side, it grew more by 9 percent since the beginning of this year, a positive sign.
The reason for the low banks performance has been none other than but the increasing of low cost deposits with 93 of the current and savings account deposit base. The Chief Executive Officer of Standard Chartered Bank, Mr. Shazad Dada commenting on this said,
â€œThe Bank has seen a strong third quarter performance. The bank continues to invest into its digital capabilities and infrastructure to enhance banking experience through introduction of innovative digital solutions. We are well positioned to take advantage of long-term growth opportunities in Pakistan. While maintaining a strong focus on controls we endeavor to further enhance the quality of our client experience.â€
Standard Chartered Bank is one renowned bank of the country operating to provide the customers with effective and efficient services. It is strengthening its services to cope up with the digital world.