Overall revenue growth was 36 percent, whereas client revenue increased by 25 percent year on year with strong contribution from transaction banking, corporate finance, treasury markets and retail products. In-country operating expenses decreased by 4 percent year on year on account of spending, mainly in the Bank's products, services and people to grow the franchise.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances which have grown by 12 percent since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the Bank's deposits grew by 3 percent, whereas current and saving accounts grew by 4 percent since the start of this year and are now 95 percent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank's performance.
The optimal funding structure and repricing profile of the balance sheet continues to support the Bank's performance.
Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, "I am delighted to announce the First Half 2019 results. The Bank has performed exceptionally well and delivered a 52 percent higher profit before tax than corresponding period last year.-PR