Standard Chartered Bank (Pakistan) Limited’s financial results for the half year ended June 30, 2011

Standard Chartered Bank (Pakistan) Limited’s financial results for the half year ended June 30, 2011

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

 

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)

———————(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

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