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 earned7,539,06115,245,5986,648,27313,660,540
Mark-up / return / interest expensed (2,808,149)(5,541,524) (2,510,105)(5,168,848)
———- ———- ———-———-
Net mark-up / return / interest income4,730,9129,704,0744,138,168 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 off140,883 277,152170,177357,486
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 provisions2,868,7216,882,4762,961,8375,947,917
Non Mark-Up / Non Interest Income
Fees, commission and brokerage income831,1981,692,062954,0401,894,898
Dividend income-- -  -
Income from dealing in foreign currencies530,475 945,475395,115694,762
Oath on sale of securities73,900192,288252,077347,742
Unrealized gain \ (loss) on revaluation of investments
classified as held for trading11,282119,996(44,849)68,469
Other income239,935132,18350,066(7,681)
———- ———-———-———-
Total non mark-up / non Interest income1,686,7903,082,0041,606,4492,998,190
———-———-———-———-
4,555,5119,964,4804,568,286 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 2,696,552824,4292,100,479
Extra-ordinary / unusual items-- - -
———-———- ———-———-
824,0952,696,552824,4292,100,479
Profit before Taxation
Taxation – current(438,296)(1,000,012)115,544(424,798)
Prior years - ---
Deferred175,16418,252(411,846)(318,122)
———-———-———-———-
(263,132)(981,760)(296,302)(742,920)
———-———-———- ———-
Profit after Taxation560,9631,714,792528,1271,357,559
 ———-———- ———-———-

—————(Rupees)————–

Basic / Diluted Earnings per Share 0.140.440.140.35

 

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 mouthsSix monthsThree monthsSix months
 period endedperiod endedperiod endedperiod ended
Juue30, 2011 June 30, 2011June 3, 2010June 30, 2010
(Restated)(Restated)
Mark-up / return / interest earned7,735,40115,621,9896,795,35414,082,125
Mark-up / return / interest expensed (2,907,290)(5,731,821)(2,595,483)(5,472,766)
———-———- ———- ———-
Net mark-up / return / interest income4,828,1119,890,1684,199,8718,609,359
Provision against non-performing longs and advances (1,876,250)(2,842,321)(962,027)(2,073,021)
Recovery of amounts written off140,883277,152170,177357,486
Provision for diminution in the value of investments (27,578)(27,578)6,0506,108
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 provisions2,936,1397,040,902 3,028,6276,071,179
Non Mark-up/Non Interest Income
Fees, commission and brokerage income834,8321,698,868956,0061,900,128
Dividend income - ---
Income from dealing in foreign currencies530,475945,475 395,115694,762
Gain on sale of securities73,900192,288252,077347,742
Unrealized gain \ (loss) on revaluation of investments
classified as held for trading11,282119,996 (44,849)68,469
Other income250,511145,121 62,717 9,417
———-———-———-———-
Total non mark-up / non interest income1,701,0003,101,7481,621,0663,020,518
———- ———-———-———-
4,637,13910,142,6504,649,6939,091,697
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)
———-———-———- ———-
861,8642,794,056865,0682,166,626
Extra-ordinary / unusual items --- -
———-———-———-———-
Profit before Taxation861,8642,794,056865,0682,166,626
Taxation – current (457,607)(1,021,790)114,022(427,399)
Prior years’ - ---
Deferred175,16418,252(411,846) (745,521)
———-———- ———- ———-
(282,443)(1,003,538)(297,824)(745,521)
———-———-———-———-
Profit after Taxation579,4211,790,518567,2441,421,105
———-———-———- ———-
Attributable to:
Equity holders of the bank570,0621,754,501538,6671,377,955
Minority shareholders 9,35936,01728,57743,150
———-———-———-———-
579,4211,790,518567,2441,421,105
RupeesRupees RupeesRupees
Basic / Diluted Earnings per Share 0.150.450.140.36

 

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