1st Quarterly Report (January - March 2026)
Protect & grow your wealth wiLh shariah
Advancing Economic Inclusion Through Employability and Entrepreneurship
Ready for Inclusive Sustainable Employment
and Entrepreneurship (RISE/E)
.
Standard Chartered Banklaunched Lhesecond phase of the Futuremakers Inclusive Employability project which focuses on economic empowerment ofi youth wiLh disabilities. Through this programme 960 young people wiLh disabilities will be set on jobseeker/job creator pathways, including access to Accenture's Skills Lo Succeed Learning Exchange and other vocational trainings. In addition, 32 young enLrepreneurswith disabilities will also be supported.
Goal Accelerator Programme
Supporting 450 young women across Karachi, Lahore and Islamabad, the programme creoles structured pathways to entrepreneurship and employabiliLy. It focuses on building economic resilience through skills development, income generation, and long-term susLainabiliLy.
Women in Tech
Launched in 2019 Lo accelerate women-led, Tech-enabled enterprises. Over 170 founders have graduated and 50 hove received seed funding. These founders have collectively raised USD16 million, strengthening Lhe female entrepreneurship ecosystem.
Thriving Futures
Thriving Futures supports 900 youEh microenterprises (90% women-led) Lo build capacity' and long-term susLainabiliLy. Delivered with British Asian Trust, it targets young entrepreneurs aged 18-35, including persons with disabilities.
Through the Standard Chartered Foundation, we continue Lo inspire impacL by equipping young people with I:he skills, confidence, and opportunity to I:hrive.
Foundation
chartered
standard
We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
Standard Chartered Pakistan is proud to be operating in the country as the largest and oldest internatíonal Bank since 1863. |
Standard Chartered Pakistan employs more than 1,800 people and has a network of 165 touch points (38 branches, 107 ATMs and 20 CDMs) across 10 cities. |
Standard Chartered Pakistan is the first International Bank to get an Islamic Banking licence and to open the first Islamic Banking branch in the country. |
Standard Chartered Pakistan is the leading bank for the MNCs operating in Pakistan. The Bank is also the market leader for providing USD liquidity for Corporates and Financíal Institutíons in the country. |
Standard Chartered Pakistan plays a leading role in providing FCY liquídity solutions through innovative client centric structures. |
Standard Chartered Pakistan is a leading partner of State Bank of Pakistan in promoting RMB and increasing its use in Pakistan, which further strengthens its role as the main bank for CPEC led initiatives. |
Standard Chartered is a leading international banking group
Top 10 Employers of Choice
Asia Money Award
IFC - International Finance Corporation and The Pakistan Business Council Awards 2025
Awards 2022
Best Bank Award in the ESG categoryOICCI (3rd Pakistan Climate Conference)
Awards 2025
Climate Green Finance & Investment Award -2nd Runner-up
Euromoney Market Leaders
Awards 2022
Pakistan - CSR (Highly Regarded) Pakistan - D&I (Highly Regarded) Pakistan - Islamic Finance (Notable)
Innovation
Awards 2022
Management Association of Pakistan
Awards 2024
Global Transaction Banking
Global Diversity, Equity, & Inclusion Benchmark
Awards 2024
Best Bank in Commercial Banks Sector, Financial Category
Vision, Strategy and Business Impact
DEI Structure & Implementation Recruitment
Advancement & Retention
Job Design, Classification and Compensation
Work-life Integration, Flexibility & Benefits
DEI Learning & Development
DEI Communications
Services and Products Development
CFA Society Pakistan
Awards 2024/2023 Best Bank 2024, Recognizing Gender Diversity at Work PlaceBest Bank 2023, Mid-Size Bank Category
Gender Diversity Awards 2023
Awards 2023
Employer of Choice
Best Digital Treasury Management Initiative
Adam Smith Award
Awards 2022/2021
Special Recognition Award
Best Account Receivables Solution for Coca Cola Beverages Pakistan Ltd.
The Asset Triple A Awards
Awards 2022/2021
Best Trade Finance Bank / Best Supply Chain Bank
Best Cash Management Bank
Best Service Provider - Cash Management (Transaction Banking)
Best Service Provider - Supply Chain (Transaction Banking)
Best Renminbi Bank (Transaction Banking)
Best Supply Chain Solutions for Indus Motor Company (Transaction Banking)
Best Supply Chain Solutions for IATA (Transaction Banking)
AWARDS
Strong Recognition
1 Standard Chartered 1st Quarterly Report 2026
Company Information
Board of Directors | Auditors | |
Mr. Christopher Parsons Mr. Rehan Muhammad Shaikh Mr. Ehsan Ali Malik Mr. Badaruddin Fatehali Vellani Ms. Rola Abu Manneh Mr. Sheikh Jobe Mr. Ghiasuddin Khan | Chairperson Chief Executive Officer Director Director Director Director Director | M/s EY Ford Rhodes Chartered Accountants Legal Advisors Haidermota & Co Advocates Registered/ Main Office Standard Chartered Bank (Pakistan) Limited P.O. Box No. 5556, I.I. Chundrigar Road, Karachi-74000, Pakistan. Tel: (021) 32450000 Fax: (021) 32414914 Website https://www.sc.com/pk Registrar/ Share Registration Office M/s CDC Share Registrar Services Limited CDC House, 99-B, Block B, SMCHS, Main Shahra-e-Faisal, Karachi - 74400 Toll Free: 0800 - 23275 Fax: (021) 34326053 Email: info@cdcsrsl.com |
Company Secretary | ||
Ms. Wajiha Hasan | ||
Board Audit Committee | ||
Mr. Ehsan Ali Malik Mr. Badaruddin Fatehali Vellani Mr. Sheikh Jobe | Chairperson Member Member | |
Board Risk Committee | ||
Mr. Ghiasuddin Khan Mr. Ehsan Ali Malik Mr. Rehan Muhammad Shaikh | Chairperson Member Member | |
Board Human Resource & Remuneration Committee | ||
Mr. Badaruddin Fatehali Vellani Mr. Ghiasuddin Khan Ms. Rola Abu Manneh | Chairperson Member Member | |
Board IT Committee | ||
Mr. Sheikh Jobe Mr. Ehsan Ali Malik Mr. Rehan Muhammad Shaikh | Chairperson Member Member | |
Shariah Board Shaikh Nizam Yaqouby Mufti Muhammad Abdul Mubeen Mufti Irshad Ahmad Aijaz Mufti Hafiz Muhammad Sarfaraz Nihal | Chairperson Member Member Resident Member | |
INTERNAL
STANDARD CHARTERED BANK (PAKISTAN) LIMITED31*t MARCH 2026
DIRECTORS' REPORTOn behalf of the Board of Directors, we are pleased to present the Directors' Report of Standard Chartered Bank (Pakistan) Limited (SCBPL or the Bank) along with the un-audited interim financial statements for the period ended 31°' March 2026
EconomyEconomy has demonstrated clear signs of recovery and growing resilience with GDP growth of 3.06% in FY-25 attributed to prudent policy management, decrease in inflation, lower policy rate and a stable exchange rate. The trajectory of stabilization and growth continued during current fiscal year with strengthening large-scale manufacturing and contained fiscal imbalances despite the severe floods and unfolding geopolitical developments with the projected GDP growth in the range of 3.75% to 4.75% in FY-26.
On the external front, the current account posted a marginal surplus of USD 8mn during Jul-Mar FY-26 as compared to USD 1.7bn surplus in last fiscal period. While remittances continue to support the external account position; trade deficit widened due to growth in imports and decline in exports. Remittances and imports increased year on year by 8.2% and 6.9% respectively whereas exports decreased by 8.0% during Jul-Mar FY-26. While the negative impacts of the prevailing middle east crisis has been managed well so far, the same can put pressure on the external and domestic front if the crisis persists.
The IMF team has reached staff-level agreement on the third review for the 37-month Extended Fund Facility (EFF) and the second review for the 28-month Resilience and Sustainability Facility (RSF). Post approval by the IMF Executive Board, Pakistan will have access to USD 1.2bn, bringing total disbursements under the two arrangements to USD 4.5bn. Foreign direct investments together with IMF programme is providing support in unlocking near-term FX inflows from multilateral and bilateral sources paving way for improved macroeconomic environment.
SBP reported foreign exchange reserves at USD 15.1bn as of 10th April 2026 and aims to reach USD 18bn by the end of FY-26 despite bilateral and external debt repayments. CPI inflation in Mar'26 stood at 7.3% with average inflation at 5.7% for the first nine months of FY-26. SBP maintained the policy rate at 10.5% mindful of uncertain global prices and supply chain issues from the Middle East conflict. Recently, Fitch reaffirmed Country Sovereign rating at B- with stable outlook on the back of macroeconomic progress.
Based on CY-25 results, banks in Pakistan continued to be well capitalized and liquid with an industry wide CAR of 20.8% and advances to deposit ratio of 37.5% respectively. The banking industry remains profitable with a ROE (after tax) of 19.8%. Meanwhile, NPLs of the banking sector stood at 6.1% at close of CY-25 compared to 6.3% at close of CY-24.
PurposeAt Standard Chartered, our purpose is to drive commerce and prosperity through our unique diversity. This captures the spirit of Standard Chartered by bringing together the best of what we already have - our incredible diversity of locations, cultures and expertise and ties it to what we do as a Bank - facilitating commerce in the real economy.
Our purpose signifies the way we want to do business with a human aspect as prosperity is not just about financial wealth but contributes towards creating healthier and happier communities. The purpose also embodies a more proactive and high-performance culture.
Our strategic pillarsWe have continued to make good progress against the strategic priorities. As we accelerate our strategy, we have refined our focus onto four strategic priorities:
INTBRNAL
Network
Our global network is the key to our ability to compete profitably and remains a differentiator for our clients. We continue to leverage this strength and systematically increase network linked income through innovative solutions, product specialization and structured off-shore offerings. Our focus remains on facilitating our clients in the Belt and Road Initiative and other trade corridors as well as building momentum in Sovereign, Multinational and Local Corporates space.
-
Affluent
Our affluent business is both large and high returning, driven by clients' growing need to manage and grow their wealth. We continue to reinforce our strong credentials in the affluent segment by building loyalty and trust through offering our clients personalised wealth advice based on superior insight, leveraging digital tools to grow client engagement and wealth penetration. Our focus remains on building a robust pipeline of future affluent clients as we continue to reshape our emerging affluent business.
-
Emerging Affluent
We are investing in a range of proven digital capabilities that can substantially and economically scale up our emerging affluent retail presence. We are doing this with enhanced data analytics and a superior end-to-end digital experience, developing opportunities on our own and with partners. Our digital transaction mix, including "SC Mobile" application customers, continue to increase. We have upgraded core banking system to advanced platform and are also spending on state-of-the-art digital capabilities and solutions to drive enhanced client experience. We are strategically repositioning the Personal Banking segment to focus on growing emerging affluent clients, serving as a rich base for up-tiering to AWluent business.
- Sustainability
Our commitment to sustainability is not only about the economic activity we drive, but also about how we run our business. We invest in our people, promote the right values, behaviours, and conduct, support the fight against financial crime and manage our environmental footprint. Our sustainability strategy seeks to strengthen relationships between our business, community, Government, and clients. We will continue to focus on differentiated sustainability offering.
These strategic priorities are supported by three key enablers:
-
People & Culture
We are investing heavily in our people, giving colleagues the skills, they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model.
Ways of Working
We are fundamentally changing the way we work, accelerating our time-to-market and increasing productivity.
Innovation & Technology
We are driving innovation to improve our clients' experience, increase our operational efficiency and tap new sources of income.
INI'ERNAL
Operating Results and Business Overview
Balance Sheet
31 March 2026
(PKR millions)31 December 2025 (PKR millions)
Paid-up capital
38,716
38,716
Total equity
104,208
110,462
Deposits
643,903
650,141
Advances - gross
276,051
232,029
Advances - net
258,661
214,151
Investments - net
354,895
478,413
Profit and Loss
Period ended 31 March 2026 (PKR millions)
Period ended 31 March 2025 (PKR millions)
Revenue
16,611
23,101
Operating expenses
5,354
5,437
Other non-mark-up expenses
263
322
Operating profit (before credit loss allowance and tax)
10,995
17,342
Credit loss allowance and write offs - net
(732)
310
Profit before tax
11,727
17,032
Profit after tax
5,596
7,985
Earnings per Share (EPS) - Rupees
1.45
2.06
Bank delivered a resilient financial performance with a Profit before tax of PKR 11.7bn compared to PKR 17.0bn in corresponding period last year. Revenue was lower by PKR 6.5bn primarily due to lower interest rates. The impact of margin compression on revenue was partially offset by decrease in cost of funds. Total expenses declined by 2% from comparative period reflecting strong cost discipline despite investment in our people and infrastructure. Moreover, prudent risk approach coupled with strong recoveries of bad debts led to a net release of PKR 0.7bn during the period.
On the liabilities side, the Bank's total deposits stood at PKR 644bn; down by 1% from start of the year. This was driven by deposit optimization initiative which is reflected in the improved current accounts mix comprising 61% of the deposit book as compared to 59% in 2025 and 48% in 2024. On assets side, net advances continued positive momentum and were higher by PKR 45bn or 21% since start of the year, reflecting pick-up in economic momentum. We continue to monitor the economic landscape and will position our portfolio accordingly. The Bank is well placed to cater for the needs of its clients and will continue its strategy to build a profitable, efficient and sustainable portfolio.
The Bank is investing in its digital capabilities and infrastructure to enhance our clients' banking experience through the introduction of innovative solutions. We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to sustained growth by consistently focusing on our clients and product suite along with a prudent approach to building the balance sheet while bringing the best-in-class services to our customers.
Outlook
While the external environment remains challenging, pace of economic recovery will be dependent on improvement in external bows, domestic and geopolitical environment and global commodity prices.
Our results demonstrate our strong business fundamentals. We recognise the challenging times ahead and are committed to support our clients and employees whilst ensuring our clients' needs are at the heart of everything we do.
IN °ERNAL
Having strengthened our foundations on controls and conduct we are well equipped to manage our risks, capital, and liquidity effectively. The prudent and proactive measures that we are taking now are expected to make us leaner and fitter to take advantage of the opportunities that lie ahead.
Credit RatingPakistan Credit Rating Agency (PACRA) maintained the Bank's long-term and short-term ratings of "AAA" (Triple A) and "Al+" (A One Plus) respectively in 2025. These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments.
Appreciation and AcknowledgmentWe take this opportunity to express our gratitude to our clients and business partners for their continued support and trust. We offer sincere appreciation to the State Bank of Pakistan for their guidance and cooperation extended to the Bank. Finally, we are also thankful to our associates, staff and colleagues for their committed services provided to our valued clients.
On behalf of the Board
Chief Executive Officer Karachi: 28" April 2026
Director
9
Standard Chartered Bank (Pakistan) LimitedUn-audited
Financial Statements
For the three months period ended 31 March 2026
Confidential
Standard Chartered Bank (Pakistan) Limited
Statement of Financial Position
f1
(Un-audited) (Audited)
L'ote 31 March 2026 3l December 2025
ASSETS
(Rupees in '000)
Cash and balances with treasury banLs
72,354,503
80,790,333
Balances with oilier banks
65,960,235
19,786,023
Lendings to financial institutions
8
3,425,171
I 2,479,626
Investments
9
354,895,221
478,413,103
Advances
70
258,661,148
214,151,084
Property and equipment
11
10,958,303
10,985,897
Right-of-use assets
1,591,981
1,504,445
lntaligible assets
13
26,i)95,310
26,095,310
Deferred tax assets - net Other assets
B6,928,212
28,665,267
Total Assets
880,870,084
872,871,088
LIABILITIES
Bills payable
15
19,396,995
I 6,839,039
"
Borrowings
Y6
11,995,866
14,676,735
Deposits and other accounts
643,903,267
650,141,095
Lease liabilities
18
1,593,816
1,469,902
Sub-ordinated debt
Deferrcd tax liabilities - net
2,901,256
3,188,571
(
Other liabilities
96,870,876
76,093,683
Total liabilities
776,662,076
762,409,025
NET ASSETS
104,208,008
110,462,063
oc'
* t,
REPRESENTED BY:
Share capital Reserves
Surplus on revaluation of assets Unappropriated profit
CONTINGENCIES AND COMMITMENTS38,715,850
50,387,401
2/ 7,340,297
7,764,460
104,208,00838,715,850 :
49,827,764
7,628,345
14,290,104 "
110,462,063
The annexed notes 1 to 39 form an integral part of these condensed interim financial statements.
Chairman Chief Executive Officer Officer459
Confidential
Standard Chartered Bank (Pakistan) Limited
Profit and Loss Account (Un-audited)
For the three iiio/if/ys pei-iod en Jed 31 Mai-cli 202.6
Note
Three months Three months
period ended period ended
31 March 2026 31 March 2025 "
------------ (Rupees in '000) --------------
Mark-up / return / interest earned Mark-up / return / interest expensed
Net mark-up / interest income
NON MARK-UP / INTEREST INCOME
Fee and commission income Dividend incoiaie
Foreign exchange incorrie Income from derivatives (Loss) / gain on securities Other income
Total non mark-up / interest income Total IncomeNON tMARK-UP / INTEREST EXPENSES
Operating expenses Workers welfare fund Other charges
Total non mark-up / interest expenses Profit before credit loss allowance Credit loss allowance and write offs - net PROFIT BEFORE TAXATION
Taxation
PROFIT AFTER TAXATION
BASIC / DILUTED EARiNINGS PER SHARE23 17,933,371
24 (4,916,528)
13,016,843t,826,964
2,701,946
2,470,516
2,404,119
23,434
321,125
(750,866)
672,421
24,526
17,975
25
26
27
26
3,594,574
(5,353,548)
(5,436,827)
(263,140)
(321,600)
29
30
(5,616,688) 10,994,72931 732,097
11,726,82632 (6,130,452)
5,596,374
(Rupees)
33 1.45
26,875,459
(9,896,212)
16,983,247
c
6,117,586
23, 100,833
*°
(5,758,427) "
1.7,342,406
(309,767) 17,032,G39 (9,047,290)
7,985,349
(Rupees)
2.06
The annexed notes 1 to 39 form an integi'al part of these condensed interim financial statements.
Chief Executive Officer Director
Director
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46i
Confidential
Standard Chartered Bank (Pakistan) Limited
Statement of Comprehensive Income (Un-audited)
For' the 111i-ee iiioiillis period ctided 31 March z!026
Three months Tlii ee months peri»a ended period ended 31 March 31 March
2026 2025
--------- (Rupees in '000) --------
Profit after taxation for the period
5,596,374
7,985,349
Other comprehensive income
Items that may be reclassified to profit and loss account in subsequent periods:
Movement in (deficit) / surplus on revaluation of dcbt investments through FVOCI - net of tax
(254,173)
(996,219
Items that will not be reclassified to profit and loss account in subsequent periods:
Movement in surplus on re›'a1uation of Property and equipment - deferred tax rate impact
1.0,328
Total comprehensive income for the period
5,342,201,
6,999,458
The annexed notes 1 to 39 form an integral part of these condensed interim financial statements.
Chairman
Directgrass mi•w:-*e rcrser'c Hc'ttt
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Confidentia)
Standard Chartered Bank (Pakistan) Limited
Cash Flow Statement (Un-audited)
For the tlii'ee insults her iorf ended 31 Moi'eli 2ñ26
March 2025
CASH FLOYV KROU1 OPERATING ACTII'ITIES
Profit before tax ation for the period Less: Dividend income
Adjust ments for:
Net mark-up /1 eturn / interest income
Dcprcciatio»
Depreciation on right-of-use assets Gain on sale of asset held for sale
Loss / (6ain) on sale of property arid equipment
Unrealized gain on revaluaiion of investments classified as FV TPL - net
Finance cosi of lease liability Gain on lease termination
Credit loss allowance and write offs - net
Decrease tincrease) in operating assets Lending to financiuI institurio as
Securities classified as FVTPD Advances
01her assets (excluding advance taxation)
(Decrease) / increase in operating liabilities
Bills payable
Borrovi Jgs From r a cial institutions Deposits
01her liabilities (excluding current fax aIion)
4ark-up / Interest received Mark-rip / Interest paid
Cash inno›' / (outflow) before taxation
Income tax paid
Net cash flow generated / (used in) trom operating activities
CASH FLO3V FROM INVESTSNG ACTIVITIES
Net InvesI nents in securities classi fled as FVOCJ Investment in property and equipment
P 'oceeds from sale ofproperty and equipment Proceeds from sale of asset held for sale
Net cash Stow generated front investing activities
CASH FLOV FRONT FINANCING ACTIVITIES
Divihe Id paid
Payment in respect of lea.se Iiability
Nct cash two v u5ed in financing activities Increase in cash and cash equivalents tor the period Cash and cash equivalents at beginriing of' Ihe period
EfFcct o'* "'a' 6c rate chaiJ cs o cash and cash cqui 'aIc»ts
Cash and cash equivale 41s at end of the period
CASH AND CASH EQUINALENTS AT END OF THE PERIOD
Cash and balances v'itli ireastiry banks Baiances cvi jh ofher banks
Overdrawn nostros
c " r
The annexed noles I to 39 four an iniegwal part of these condensed interim financial slatements.
Chief Execufive 0 ffiter
6
1.6
1.1 ,726,826
11,726,826
(13,016,843)
a46,239 117,Z78
,500)
1,443
1,059,708)
58,493
13,645)
(393430
U4,06Z,373)
,335,547)
9,054,455
N1,358368 C44115,692) (56,i40936)
J0,156,195
2,S57,956 (2,G44,492)
(6,237,828)
9,797,278
3,472,914
1.8,672,571
(4,340,930)
35,625,203
(9,74S,380)
2S,879,823
1.2,159,514
(223,280)
I ,950
82,500
1.2,020,684
(1 25,748)
(125,748)
37,774,759
99,848,390
68*,157
100,530,547
138,305,306
72,354,503
65,960,235
(9,432)
Director
138,305,306
44,641,891
(54,233.8
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standard
charl:ered
Now wiLh just a click, you
can easily invest back home
With Standard Chartered Roshan Digital account, non-resident Pakistanis now
have the opporLuniLy to invesL back home. Roshan Digital account is offered in multiple currencies and have the flexibility oL full repatriation of funds whenever you want.
Current and Savings account in multiple currencies
Credit and Debit cards
Invest in Naya Pakistan Certificates
Repatriable and convertibility of funds
Funds transfer and utility bill payment
Also available in Islamic variant
For details,
visit sc.com/pk or scan the QR code
