Pre-tax profit of Rs. 23.6 billion during the year 2020 to Standard Chartered Bank
KARACHI (WEB NEWS )
Standard Chartered (Pakistan)Limited has announced its financial results for the year 2020, according to which the bank has a pre-tax profit of Rs. 23.6 billion during the year. With regard to the year vs. year, significant reduction in interest rates and the Corona epidemic. Cause(Despite the uncertainty, gross revenue increased by 5% while client revenue increased by 15%. Expenditure management remained excellent and in them, in terms of year vs. year, only 4% increased. The bank on the productive risk approach(The process continued and the cost of non-performing loans stood at Rs. 4.9 billion. The atmosphere of the risks remained at its peak and we are constantly monitoring our portfolio due to the uncertainty surrounding Cod 19. Demand for loans due to reduction in economic activity(I also declined, which led to a 15 per cent drop in the portfolio of advances. The bank’s balance sheet shows great profitability and capital and is in an excellent position to benefit from the resumption of economic activity. With a diverse product and client base, the bank A profitable,(It will continue to pursue its strategy for building a well-performing and stable portfolio. During 2020, the Bank, as an agent of the Federal Board of Revenue, paid approximately Rs. 12.9 billion to the National Treasury in the form of Federal Excise Duty / Financial Sales Tax and Direct Income Tax(Paid For the year 2020, the Board of Directors paid 27.5% per share (Rs. 2.75) Cash profits have been announced