Karachi: This is to inform you that the Board of Directors, in their meeting held today i.e. August 25, 2011 at 10:30 am, at Standard Chartered Bank, Main Building I.I. Chundrigar Road, Karachi has not recommended any entitlement to the shareholders.
Enclosed please find Profit and Loss Account for the captioned period.
Standard Chartered Bank (Pakistan) Limited
Condensed Interim Un-Consolidated Profit and Loss Account (Un-audited)
For the six months period ended 30 June 2011
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Three months |
Six months |
Three months |
Six months |
|
|
period ended |
period ended |
period ended |
period ended |
|
|
30 June 2011 |
30 June 2011 |
30 June 2010 |
30 June 2010 |
|
|
(Restated) |
(Restated) |
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|
———————(Rupees in ’000)——————– |
||||
| Mark-up / return / interest earned | 7,539,061 | 15,245,598 | 6,648,273 | 13,660,540 |
| Mark-up / return / interest expensed | (2,808,149) | (5,541,524) | (2,510,105) | (5,168,848) |
| ———- | ———- | ———- | ———- | |
| Net mark-up / return / interest income | 4,730,912 | 9,704,074 | 4,138,168 | 8,491,692 |
| Provision against non-performing loans and advances | (1,874,047) | (2,862,231) | (961,064) | (2,072,508) |
| Recovery of amounts written off | 140,883 | 277,152 | 170,177 | 357,486 |
| Provision for diminution in the value of investments | – | – | – | – |
| Bad debts written off directly | (129,027) | (236,519) | (385,444) | (828,753) |
| ———- | ———- | ———- | ———- | |
| (1,862,191) | (2,821,598) | (1,176,331) | (2,543,775) | |
| ———- | ———- | ———- | ———- | |
| Net mark-up / return / interest income after provisions | 2,868,721 | 6,882,476 | 2,961,837 | 5,947,917 |
| Non Mark-Up / Non Interest Income | ||||
| Fees, commission and brokerage income | 831,198 | 1,692,062 | 954,040 | 1,894,898 |
| Dividend income | – | – | – | – |
| Income from dealing in foreign currencies | 530,475 | 945,475 | 395,115 | 694,762 |
| Oath on sale of securities | 73,900 | 192,288 | 252,077 | 347,742 |
| Unrealized gain \ (loss) on revaluation of investments | ||||
| classified as held for trading | 11,282 | 119,996 | (44,849) | 68,469 |
| Other income | 239,935 | 132,183 | 50,066 | (7,681) |
| ———- | ———- | ———- | ———- | |
| Total non mark-up / non Interest income | 1,686,790 | 3,082,004 | 1,606,449 | 2,998,190 |
| ———- | ———- | ———- | ———- | |
| 4,555,511 | 9,964,480 | 4,568,286 | 8,946,107 | |
| Non mark-up / non Interest expenses | ||||
| Administrative expenses | (3,605,179) | (7,095,738) | (3,259,015) | (6,335,728) |
| Other provisions / asset write-offs | (80,617) | (80,617) | (444,433) | (444,433) |
| Other charges | (45,620) | (91,573) | (40,409) | (65,467) |
| Total non mark-up / non interest expenses | (3,731,416) | (7,267,928) | (3,743,857) | (6,845,628) |
| ———- | ———- | ———- | ———- | |
| 824,095 | 2,696,552 | 824,429 | 2,100,479 | |
| Extra-ordinary / unusual items | – | – | – | – |
| ———- | ———- | ———- | ———- | |
| 824,095 | 2,696,552 | 824,429 | 2,100,479 | |
| Profit before Taxation | ||||
| Taxation – current | (438,296) | (1,000,012) | 115,544 | (424,798) |
| Prior years | – | – | – | – |
| Deferred | 175,164 | 18,252 | (411,846) | (318,122) |
| ———- | ———- | ———- | ———- | |
| (263,132) | (981,760) | (296,302) | (742,920) | |
| ———- | ———- | ———- | ———- | |
| Profit after Taxation | 560,963 | 1,714,792 | 528,127 | 1,357,559 |
| ———- | ———- | ———- | ———- | |
|
—————(Rupees)————– |
||||
| Basic / Diluted Earnings per Share | 0.14 | 0.44 | 0.14 | 0.35 |
Chief Financial Officer
Najam Siddiqi
Standard Chartered Bank (Pakistan) Limited
Condensed Interim Consolidated Profit and Loss Account (Un-audited)
For the six months period ended 30 June 2011
| Three mouths | Six months | Three months | Six months | |
| period ended | period ended | period ended | period ended | |
| Juue30, 2011 | June 30, 2011 | June 3, 2010 | June 30, 2010 | |
| (Restated) | (Restated) | |||
| Mark-up / return / interest earned | 7,735,401 | 15,621,989 | 6,795,354 | 14,082,125 |
| Mark-up / return / interest expensed | (2,907,290) | (5,731,821) | (2,595,483) | (5,472,766) |
| ———- | ———- | ———- | ———- | |
| Net mark-up / return / interest income | 4,828,111 | 9,890,168 | 4,199,871 | 8,609,359 |
| Provision against non-performing longs and advances | (1,876,250) | (2,842,321) | (962,027) | (2,073,021) |
| Recovery of amounts written off | 140,883 | 277,152 | 170,177 | 357,486 |
| Provision for diminution in the value of investments | (27,578) | (27,578) | 6,050 | 6,108 |
| Bad debts written off directly | (129,027) | (236,519) | (385,444) | (828,753) |
| ———- | ———- | ———- | ———- | |
| (1,891,972) | (2,849,266) | (1,171,244) | (2,538,180) | |
| ———- | ———- | ———- | ———- | |
| Net mark-up / return / interest income alter provisions | 2,936,139 | 7,040,902 | 3,028,627 | 6,071,179 |
| Non Mark-up/Non Interest Income | ||||
| Fees, commission and brokerage income | 834,832 | 1,698,868 | 956,006 | 1,900,128 |
| Dividend income | – | – | – | – |
| Income from dealing in foreign currencies | 530,475 | 945,475 | 395,115 | 694,762 |
| Gain on sale of securities | 73,900 | 192,288 | 252,077 | 347,742 |
| Unrealized gain \ (loss) on revaluation of investments | ||||
| classified as held for trading | 11,282 | 119,996 | (44,849) | 68,469 |
| Other income | 250,511 | 145,121 | 62,717 | 9,417 |
| ———- | ———- | ———- | ———- | |
| Total non mark-up / non interest income | 1,701,000 | 3,101,748 | 1,621,066 | 3,020,518 |
| ———- | ———- | ———- | ———- | |
| 4,637,139 | 10,142,650 | 4,649,693 | 9,091,697 | |
| Non Mark-Up/Non Interest Expenses | ||||
| Administrative expenses | (3,647,716) | (7,174,500) | (3,298,748) | (6,414,136) |
| Other provisions / asset write-offs | (80,617) | (80,617) | (444,433) | (444,433) |
| Other charges | (46,942) | (93,477) | (41,444) | (66,502) |
| ———- | ———- | ———- | ———- | |
| Total non mark-up / non interest expenses | (3,775,275) | (7,348,594) | (3,784,625) | (6,925,071) |
| ———- | ———- | ———- | ———- | |
| 861,864 | 2,794,056 | 865,068 | 2,166,626 | |
| Extra-ordinary / unusual items | – | – | – | – |
| ———- | ———- | ———- | ———- | |
| Profit before Taxation | 861,864 | 2,794,056 | 865,068 | 2,166,626 |
| Taxation – current | (457,607) | (1,021,790) | 114,022 | (427,399) |
| Prior years’ | – | – | – | – |
| Deferred | 175,164 | 18,252 | (411,846) | (745,521) |
| ———- | ———- | ———- | ———- | |
| (282,443) | (1,003,538) | (297,824) | (745,521) | |
| ———- | ———- | ———- | ———- | |
| Profit after Taxation | 579,421 | 1,790,518 | 567,244 | 1,421,105 |
| ———- | ———- | ———- | ———- | |
| Attributable to: | ||||
| Equity holders of the bank | 570,062 | 1,754,501 | 538,667 | 1,377,955 |
| Minority shareholders | 9,359 | 36,017 | 28,577 | 43,150 |
| ———- | ———- | ———- | ———- | |
| 579,421 | 1,790,518 | 567,244 | 1,421,105 | |
| Rupees | Rupees | Rupees | Rupees | |
| Basic / Diluted Earnings per Share | 0.15 | 0.45 | 0.14 | 0.36 |
For more information, contact:
Chief Financial Officer
Najam Siddiqi
Standard Chartered Bank (Pakistan) Limited
Main Branch
P.O. Box No. 5556, I.I. Chundrigar Road
Karachi 74000 Pakistan
UAN: (021) 111 002 002
Tel: (021) 246 0000
Web: www.standardchartered.com