In Karachi, February 17th, 2023, a record profit before tax of PKR 50.1 billion was produced by Standard Chartered Bank Pakistan Limited (SCBPL), representing an increase of 102% compared to the previous year. Strong income growth and ongoing cost and risk management practices also contributed to the performance.


  • Record profit before tax of PKR 50.1 billion, up 102 percent year on year
  • Highest ever revenue of PKR 62.6 billion, a growth of 68 percent
  • A healthy increase in total assets by 10 percent
  • Strong growth in deposits of PKR 91.7 billion, up by 15 percent
  • Prudent risk approach resulting in a net release in loan impairment of PKR 1.3 billion

To achieve a top line of PKR 62.6 billion, the total revenue increased by 68%, with strong contributions from all segments. Operating expenses were efficiently managed through efficiency and restrained spending, even with a high level of inflation and ongoing investments in our infrastructure. They increased by 14% from the previous year. A net release of PKR 1.3 billion was made throughout the year compared to a net charge of PKR 0.5 billion in loan impairments in 2021 as a result of the reversal of the Covid-19 general provision, as well as lower impairments and excellent recoveries.

The Bank is well-positioned to meet the needs of its customers thanks to a diverse product range. The Bank’s total deposits climbed by PKR 91.7 billion (up 15%) in terms of liabilities, while current and savings accounts increased by PKR 108.7 billion (up 19%) in 2022 and made up 96% of the deposit base. The Bank keeps an eye on the portfolio as part of its goal to develop a successful, effective, and long-lasting company in the current economic climate. Hence, advances decreased by 8% throughout the course of the year.

The Bank made about PKR 38 billion in national exchequer contributions in 2022 in place of direct income taxes, in its capacity as the FBR’s agent, and in response to FED/Provincial Sales Taxes.

Although the external climate continues to be difficult, the Bank is steadfastly devoted to providing sustainable growth for our shareholders, providing the finest services and solutions for our clients, and contributing to Pakistan’s success story. With regard to its strategic aims, Standard Chartered keeps making significant progress. With the development of creative solutions, product specialization, and structured offshore offerings, the Bank’s global network distinguishes itself from its clients. The Bank always aims to maximize its participation in State Bank programs. With improved digital offerings, Standard Chartered is now able to reach more customers nationwide and give them the ease of opening accounts as well as subscribing to goods and banking services, in keeping with the State Bank’s focus on financial inclusion. Overall, the Bank’s transformation process is well-planned, perfectly in line with Pakistan’s environment, and supports more engagement via digitization.

The Bank continues to place a strong emphasis on sustainable finance as well as digital solutions for clients and their ecosystems. The Bank has committed USD 249,000 to flood relief operations in Pakistan in 2022 in addition to its ongoing efforts under the “Futuremakers by Standard Chartered” initiative to combat inequality and encourage greater economic inclusion for young people in the community. Through well-known Pakistani NGOs, this money has helped flood victims who are in need of emergency assistance and rehabilitation.

Commenting on the results, Rehan Shaikh, Chief Executive Officer, of Standard Chartered Bank (Pakistan) Limited said, “We are pleased to share our results for the year 2022 which clearly reflect strong foundations, enhanced productivity, and good headway towards achieving our strategic priorities. The results give us the confidence that we have the right strategy to deliver real value to our clients, our investors, and the communities where we operate. We are thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion, and hard work in supporting the Bank in its journey.

We are investing heavily in our people, giving colleagues the skills, they need to succeed, bringing in expertise in critical areas, and evolving to a more innovative and agile operating model, as we strive to drive innovation and increase our operational efficiency further. This operational leverage allows us to create the capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues. Going forward we plan to build on this momentum.” 

With a strong Return on Equity (ROE) of 23.7% for the year and a Capital Adequacy Ratio (CAR) of 18.68%, the Bank remains well-positioned for future growth. On the back of a strong performance, the Board of Directors gladly announced a final cash dividend of 25% (PKR 2.50/- per share) concluding in the highest-ever full-year dividend of 40% (PKR 4.00/- per share).