Standard Chartered earnings rise 15.6%

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Standard Chartered earningsPakistan Standard Chartered earnings posted as Rs3.2 billion for Jan-Mar, up 15.6% from the same quarter of 2015.

Standard Chartered reported flattish interest income of Rs5.4 billion in the first quarter of 2016.

However, net interest income (NII) increased 15.6% year-on-year to Rs5.7 billion because of reversals of provisions (Rs235.8 million) in Jan-Mar as opposed to a heavy provisioning of Rs511.5 million in the same period of 2015.

On the liabilities side, the bank’s total deposits grew 5% in the first three months of 2016. “The continuous increase in low-cost deposits has significantly supported the bank’s performance, with current and savings accounts comprising 93% of the deposits base,” according to a statement of Standard Chartered.

As for the advances, Standard Chartered maintained “positive momentum” by growing loans 10% over the end of the preceding quarter. The bank said it expects advances growth to pick up, as the economic activity improves further.

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