Standard Chartered Bank (Pakistan) Limited’s financial results for the year ended December 31, 2011

Karachi: This is to inform you that the Board of Directors, in their meeting held on March 05, 2012 at 3.00 pm, at Standard Chartered Bank, Main Building I.I. Chundrigar Road, Karachi, has recommended a final cash dividend @ 10% (i.e. Rs. 1.00 per share of Rs. 10 each) for the year ended December 31, 2011.

Enclosed please find the Profit and Loss Account for the captioned period.

The Annual General Meeting of the Company will be held on March 30, 2012 at 4:00 p.m. at Jinnah Auditorium, The Institute of Bankers Pakistan, Moulvi Tamizuddin Khan Road, Karachi.

For the purpose of ascertaining the entitlement of the aforementioned dividend, the share transfer books shall remain closed from Friday, March 23, 2012 to Friday, March 30, 2012 (both days inclusive). Transfers received in order at the office of our Registrar i.e. M/s CDC Central Depository Company of Pakistan Limited, (Share Registrar Department) CDC House, 99 – B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal, before close of business hours on Thursday, March 22, 2012 will be treated in time for the purpose of entitlement to dividend to the transferees.

We will be sending you 300 copies of the printed Financial Statements in due course of time for distribution amongst members of the Exchange.

Un-Consolidated Profit and Loss Account for the Year Ended 31 December 2011

 

2011 2010

(Rupees in ‘000)

Mark-up / return / interest earned 31,975,248 27,958,232
Mark-up / return / interest expensed (11,435,212) (10,680,185)
———- ———-
Net mark-up / return / interest income 20,540,036 17,278,047
Provision against non-performing loans and advances (4,421,525) (3,417,266)
Recovery of amounts written off 426,956 690,035
Provision for diminution in the value of investments - (55,879)
Bad debts written off directly (486,608) (1,648,084)
———- ———-
(4,481,177) (4,431,194)
———- ———-
Net mark-up / return / interest income after provisions 16,058,859 12,846,853
Non Mark-Up / Non Interest Income
Fees, commission and brokerage income 3,103,775 3,443,215
Dividend income 50,118 30,317
Income from dealing in foreign currencies 2,402,852 1,733,428
Gain on sale of securities 886,808 814,537
Unrealized gain on revaluation of investments
classified as held for trading 56,673 81,601
Other income (285,153) 92,384
———- ———-
Total non mark-up / non interest income 6,215,073 6,195,482
———- ———-
22,273,932 19,042,335
Non Mark-Up / Non Interest Expenses
Administrative expenses (13,240,121) (12,851,268)
Other provisions / asset write-offs (399,182) (455,394)
Other charges (203,927) (172,955)
———- ———-
Total non mark-up / non interest expenses (13,843,230) (13,479,617)
———- ———-
8,430,702 5,562,718
Extra-ordinary / unusual items - -
———- ———-
Profit before Taxation 8,430,702 5,562,718
Taxation – current (2,504,289) (1,168,652)
- prior years’ - 30,884
- deferred (480,727) (819,335)
———- ———-
(2,985,016) (1,957,103)
———- ———-
Profit after Taxation 5,445,686 3,605,615
———- ———-

(Rupees)

Basic / Diluted Earnings per Share 1.41 0.93

 

Consolidated Profit and Loss Account for the Year Ended 31 December 2011

 

2011 2010

(Rupees in ‘000)

Mark-up / return / interest earned 32,825,124 28,569,842
Mark-up / return / interest expensed (11,907,713) (11,016,266)
———- ———-
Net mark-up / return/ interest income 20,917,411 17,553,576
Provision against non-performing loans and advances (4,420,716) (3,395,488)
Recovery of amounts written off 426,956 690,035
Provision for diminution in the value of investments (27,109) (5,698)
Bad debts written off directly (486,608) (1,648,084)
———- ———-
(4,507,477) (4,359,235)
———- ———-
Net mark-up / return / interest income after provisions 16,409,934 13,194,341
Non Mark-Up / Non Interest Income
Fees, commission and brokerage income 3,113,571 3,455,599
Dividend income - 352
Income from dealing in foreign currencies 2,402,852 1,733,428
Gain on sale of securities 885,562 805,608
Unrealized gain on revaluation of investments
classified as held for trading 56,673 81,601
Other income (266,105) 117,309
———- ———-
Total non mark-up / non interest income 6,192,553 6,193,897
———- ———-
22,602,487 19,388,238
Non Mark-Up / Non Interest Expenses
Administrative expenses (13,408,462) (12,997,894)
Other provisions / asset write-off’s (399,182) (455,394)
Other charges (208,515) (177,265)
———- ———-
Total non mark-up / non interest expenses (14,016,159) (13,630,553)
———- ———-
8,586,328 5,757,685
Extra-ordinary / unusual items - -
———- ———-
Profit before Taxation 8,586,328 5,757,685
Taxation – current (2,506,776) (1,194,171)
- prior years’ - 30,884
- deferred (526,411) (853,543)
———- ———-
(3,033,187) (2,016,830)
———- ———-
Profit after Taxation 5,553,141 3,740,855
Attributable to:
Equity holders of the bank 5,471,308 3,664,412
Minority shareholders 81,833 76,443
———- ———-
5,553,141 3,740,855
———- ———-

(Rupees)

Basic / Diluted Earnings per Share 1.41 0.95

 

For more information, Contact:
Standard Chartered Bank (Pakistan) Limited
P. O. Box No. 5566.
I.I. Chundrigar Road,
Karachi 74000. Pakistan
Tel: (021) 245 0000
UAN: (021) 111 002 002
Web: www.standardchartered.com

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