SCB Announces Q3 Results For 3rd Quarter Of Current Year

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SCB announces Q3 results for 3rd quarter of current year

The Standard Chartered Bank (SCB) on Thursday announced its results for third quarter of the current year

KARACHI, (UrduPoint / Pakistan Point News - 29th Oct, 2020 ):The Standard Chartered Bank (SCB) on Thursday announced its results for third quarter of the current year.

The bank delivered a resilient financial performance in Q3 of 2020 with Rs19.9 billion profit-before-tax as compared to Rs19.7 billion of the corresponding period last year, said a press release.

With Revenue of Rs32 billion, the overall revenue growth was 12 percent, whereas client revenue increased by 19 percent year-on-year with positive contribution from financial markets, retail products and transaction banking. Cost discipline continues with only five percent year-on-year increase in operating expenses.

The current slowdown in the economic activity due to COVID-19 pandemic impacted the advances momentum.

The bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and maintaining adequate provisions, where required.

The bank achieved another milestone as total deposits crossed Rs550 billion. With a growth of 22 percent year to date, total deposits closed at Rs570 billion, with current and saving accounts constituting 94 percent of the deposits base.

The incremental liquidity generated is currently deployed in government securities and inter-bank lending thereby resulting in an increase of 17 percent in total assets, which crossed Rs 700 billion milestone to close at Rs 728 billion.