Transmission of Quarterly Report for the Period Ended 31-March-2025

1st Quarterly Report

(January - March 2025)

ro global

companionship •

hospitolit;y

Explore avenues oL unmatched benefits

global initiative to tackle inequality and promote greater economic inclusion in our

markets.

$50M IN

FUNDRAISING & BANK-MATCHING

2019-2023

LEARN EARN GROW

Empowering the

NEXT GENERATION

Disadvantaged youth

BENEFICIARIES

with a focus on

Girls &

Visually impaired people

FOCUS AREAS Education Employability Entrepreneurship

Global reach targets

500,000

adolescent girls

100,000

youth for work

50,000

micro & small businesses

Delivering across Pakistan

In Pakistan Futuremakers' programmes empower disadvantaged youth to learn new skills and improve the next generation's chances of getting a job or starting their own business.

Education Employability Entrepreneurship

Goal Empowering adolescent girls with life skills 90,000+ girls empowered since 2016

We provide vocational

.

training, mentoring,

career planning, upskilling and . reskilling opportunities that support young people to become job ready.

Employment of the visually impaired 25 Visually impaired employed at the Bank's call centre in Lahore and Karachi

Futuremakers Inclusive Employability Project Target more than 480 youth with disabilities into formal employment

WomenInTech Womenintech was launched in Pakistan in 2019. Since its launch 145 businesses have gone through extensive training, coaching and mentoring sessions out of which 33 businesses have been given the seed money to scale their business further.

Agriprenuer Project Successful closure of Agriprenuer project supported 700 participants from phase 1 and 300 new agriprenuers.

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.

Management Association of Pakistan

Awards 2024

Global Diversity, Equity, & Inclusion Benchmark

Awards 2024

Euromoney Market Leaders

Awards 2022

Pakistan - CSR (Highly Regarded) Pakistan - D&I (Highly Regarded) Pakistan - Islamic Finance (Notable)

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 Place

Best Bank 2023, Mid-Size Bank Category

Global Transaction Banking

Innovation

Awards 2022

Best Digital Treasury Management Initiative

Adam Smith Award

Awards 2022/2021

Special Recognition Award

Best Account Receivables Solution for Coca Cola Beverages Pakistan Ltd.

Employer of Choice

Asia Money Award

Awards 2022

Best Bank Award in the ESG category

Best Trade Finance Bank / Best Supply Chain Bank

The Asset Triple A Awards

Awards 2022/2021

Gender Diversity Awards 2023

Awards 2023

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 2025

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

Company Secretary

Mr. Asif Iqbal Alam

Board Audit Committee

Mr. Ehsan Ali Malik

Mr. Badaruddin Fatehali Vellani Mr. Sheikh Jobe

Board Risk Committee

Mr. Ghiasuddin Khan

Mr. Ehsan Ali Malik

Mr. Rehan Muhammad Shaikh

Chairperson Chief Executive Officer Director

Director Director Director Director

Chairperson Member Member

Chairperson Member Member

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

Board Human Resource & Remuneration Committee

Fax: (021) 34326053

Email: info@cdcsrsl.com

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

IETERNAL

STANDARD CHARTERED BANK (PAKISTAN) LIMITED

31st MARCH 2025

DIRECTORS' REPORT

On 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 31st March 2025.

Economy

Economy has witnessed nascent recovery with a GDP growth of 2.5% in FY24 attributed to strong agriculture performance, prudent policy management, decrease in inflation and a stable exchange rate. Positive developments continued in Q3-FY25, as most economic indicators have shown improvement laying the foundation for sustained growth and moderate inflation in the coming months of the fiscal year.

On the external front, current account posted a surplus of USD 1.9bn in 9M-FY25, against a deficit of USD 1.7bn in the corresponding period last year. The marked improvement was primarily attributed to a substantial increase in remittances and stronger exports which increased 33% and 8% respectively, managing to absorb the increase in imports of 11% during the period.

Pakistan reached staff level agreement with IMF on a 37-month Extended Fund Facility Arrangement (EFF) for USD 7bn out of which USD 1.1bn has been disbursed resulting in market confidence and exchange rate stability. Further, a new 28-month arrangement with IMF under the Resilience and Sustainability Facility (RSF) has been agreed for additional USD 1.3bn. Foreign direct investment increased by 14% year on year to USD 1.64bn during 9M-FY25, which 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 foreign exchange reserves improved from USD 9.4bn at start of the current fiscal year to USD 10.6bn as of 11th April 2025. CPI average inflation substantially declined to 5.3% in 9M-FY25 from 27.1% a year earlier supported by easing global prices, a stable exchange rate and targeted government policies. Amid easing inflationary pressures and improving macroeconomics, SBP reduced the policy rate by 850bps since the start of FY-2025 to 12%.

Based on 2024 annual results, Banks in Pakistan continue to be well capitalized and liquid 'with an industry wide CAR of 20.6% and advances to deposit ratio of 49.7% respectively. The banking industry remains profitable with a ROE (after tax) of 21.5%. Meanwhile, NPLs of the banking sector stood at 6.3% at close of CY24 compared to 7.6% at close of CY23.

Purpose

At 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 pillars

We have continued to make good progress against the strategic priorities. As we accelerate our strategy, we have refined our focus onto four strategic priorities:

1. 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

   INTERNAL

   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.

2. Affluent

   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.

3. 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 Affluent business.

4. 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:

1. 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.

2. Ways of Working

   We are fundamentally changing the way we work, accelerating our time-to-market and increasing productivity.

3. Innovation & Technology

We are driving innovation to improve our clients' experience, increase our operational efficiency and tap new sources of income.

Bank delivered a resilient financial performance with a Profit before tax of PKR 17.0bn compared to PKR 24.7bn in corresponding period last year. Revenue was lower by PKR 6.4bn primarily due to sharp reduction in interest rates. The impact of margin compression on revenue was partially offset by increase in non-funded income and decrease in cost of funds. Operating expenses increased 14% from comparative period reflecting inflation, investment in our people and infrastructure. Moreover, prudent risk approach coupled with strong recoveries of bad debts led to a benign charge of PKR 0.3bn during the period.

On the liabilities side, the Bank's total deposits stood at PKR 726 billion; down by 13% from start of the year. Bank's deposit mix improved with current accounts now constituting 54% of the deposit book, compared to 48% last year. On assets side, net advances were higher by PKR 54bn or 31% during Q1'25, 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 flows, domestic and geopolitical environment and global commodity prices.

Our results demonstrate our strong business fundamentals. We recognise the challenging times and are committed to support our clients and employees whilst ensuring our clients' needs are at the heart of everything we do.

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 Rating

Pakistan Credit Rating Agency (PACRA) has maintained the Bank's long-term and short-term ratings of "AAA" (Triple A) and "Ah" (A One Plus) respectively. These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments.

INTERNAL

Appreciation and Acknowledgment

We 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 Ex utive Officer Karachi: 5t^ April 2025

Director

Confidential

Confidential

Standard Chartered Bank (Pakistan) Limited

Statement of Financial Position

As at 31 March 2025

(Un-audited) (Audited)

The annexed notes 1 to 39 form an integral part of these condensed interim financial statements.

Di ctor

Confidential

Standard Chartered Bank (Pakistan) Limited

Profit and Loss Account (Un-audited)

For the three months per iod ended 31 Mai ch 2025

Three months Three months period ended period ended

Note 31 March 2025 31 March 2024

(Rupees in '000)

1

The annexed notes 1 to 39 form an integral part of these condensed interim financial statements.

Di

Director

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