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Business Is Booming: Standard Chartered Bank Records 100% Profit Growth For 2018

According to their balance sheets, Standard Chartered bank has achieved exemplary performance in the 3rd quarter of 2018. The bank has produced double digit profit growth of 23% in these first 9 months of the year as compared to 2017.

SCB has earned Rs. 7.773 billion in profits by September 2018. During the same time last year, they had Rs. 6.32 billion which was Rs. 1.45 billion lower than this year.

From July to September alone, SCB achieved 100% growth in profits from 2017. In this quarter, Standard Chartered Bank stands at Rs. 2.585 billion which has taken their overall balance sheet to a whole new level.

SCB’s interest income revealed 16% growth in 9 months in 2018. This reached Rs. 14.90 billion which as increase of Rs. 12.85 billion from 2017. In non-interest income, SCB stands at Rs. 6.37 billion compared to Rs. 6.20 billion in 2017.

Despite the challenges the banking sector faced in 2017, SCB managed to maintain stability throughout the year. This year they have shot up and achieved a tremendous recovery.

In 2017, SCB ended their business year with a 16% decrease in profits. In this 1st and 2nd quarter, they have shown 2.4% and 3% profit increase respectively.

The increase in net advances which have risen to 8% in this year show good momentum in client income and growth. With their diverse product base, SCB is well equipped to serve client needs.

In regards to liabilities, total deposits have grown by 9% with current and saving accounts grown by 10%. A continual rise in low-cost deposits has greatly improved their performance. Current and savings accounts make up 93% of Standard Chartered Bank’s deposit base.

SCB’s earning per share rose from 2.01 to 1.63.

They hit another milestone by surpassing Rs. 500 million in asset value. Their branch network was reduced to 93 in 11 stations however improved their performance within their targeted market.

A Word From The Bank:

Chief Executive Officer Standard Chartered Bank, Shazad Dada, stated, “The Bank continues to perform well in 2018. Our client-focused approach in unparalleled as we invest in our digital and advisory capabilities. We are becoming more innovative and are ever more responsive to our clients’ needs.”

He added that, “We have also made steady progress in further strengthening our control and compliance environment. We are well capitalized, highly liquid and are becoming stronger, leaner and more efficient.”

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