Despite challenging economic and external environment, the Standard Chartered Bank (Pakistan) announced for the first quarter of 2013 a profit after tax of Rs 1.39 billion. This figure shows a decline of 10.3 percent or Rs 16 million in the bank’s quarterly profit when compared with its Rs 1.55 billion earnings in corresponding period of 2012. The analysts attribute this downward trend in the banks’ profits masterly to a continued monetary easing by the central bank which has slashed the discount rate to a single digit, 9.5 percent, in recent months. Resultantly, the bank’s earnings per share in the current quarter also contracted and stood at Rs 0.36 against last year’s Rs 0.40. The bank’s strategy of focused growth, improved cost discipline and prudent credit expansion resulted in a fractional increase in administrative expenses despite inflation, currency depreciation and investment in the franchise. “Net impairments this quarter reduced by 38% in comparison with first quarter last year,” said a statement issued by the bank Tuesday.
