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Standard Chartered Bank (Pakistan) Limited’s financial results for the year ended December 31, 2012

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Karachi, March 05, 2013 (PPI-OT): Further to our letter no. SCBPL/CS/1694/2013 dated March 04, 2013, this is to inform you that the Board of Directors, in their meeting held on March 04, 2013 at 2.00 pm at Standard Chartered Bank, Main Building I.I. Chundrigar Road, Karachi, has recommended a final cash dividend @ 12.5% (i.e. Rs. 125 per share of Rs. 10 each) for the year ended December 31, 2012. This is in addition to a 7.5% interim dividend already paid in 2012.

Enclosed, please also find the Profit and Loss Account for the captioned period.

The Annual General Meeting of the Company will be held on March 28, 2013 at 4:00 p.m. at Moosa G. Desai Auditorium, Institute of Chartered Accountants of Pakistan, ICAP House, Block 8, Clifton, Karachi.

For the purpose of ascertaining the entitlement of the aforementioned dividend, the share transfer books shall remain closed from Thursday, March 21, 2013 to Thursday, March 25, 2013 (both days inclusive).

Transfers received in order at the office of our Registrar i.e. M/S Central Depository Company of Pakistan Limited, (Share Registrar Department) CDC House, 99 – B, Block ‘B’, S.M.C.H.S. Main Shahra-e-Faisal, Karachi before close of business hours on Wednesday, March 20, 2013 will be treated in time for the purpose of entitlement to dividend to the transferees.

We will be sending you 300 copies of the printed Financial Statements in due course of time for distribution amongst members of the Exchange.

Consolidated Profit and Loss Account for the Year Ended 31 December 2012

2012

2011

(Rupees in ‘000)

Mark-up / return / interest earned

32,214,232

32,825,124

Mark-up / return/ interest expensed

(12,337,997)

(11,907,713)

———-

———-

Net mark-up / return / interest income

19,876,235

20,917,411

Provision against non-performing loans and advances

(3,083,284)

(4,420,716)

Recovery of amounts written off

271,775

426,956

Reversal / (provision) for diminution in the value of investments

(441,903)

(27,109)

Bad debts written off directly

(325,187)

(486,608)

———-

———-

(3,578,599)

(4,507,477)

———-

———-

Net mark-up / return / interest income after provisions

16,297,636

16,409,934

Non Mark-Up / Non Interest Income
Fees, commission and brokerage income

3,509,405

3,113,571

Dividend income

Income from dealing in foreign currencies

1,609,512

2,402,852

Gain on sale of securities-net

1,170,953

885,562

Unrealized gain on revaluation of investments
classified as held for trading

15,850

56,673

Other income

1,006,243

(266,105)

———-

———-

Total non mark-up / non interest income

7,311,263

6,192,553

———-

———-

23,609,599

22,602,487

Non Mark-Up / Non Interest Expenses
Administrative expenses

(14,045,547)

(13,408,462)

Other provisions/ asset write-offs

(51,659)

(399,182)

Other charges

(190,038)

(208,515)

———-

———-

Total non mark-up / non interest expenses

(14,287,244)

(14,016,159)

———-

———-

9,322,355

8,586,328

Extra ordinary / unusual items

———-

———-

Profit before Taxation

9,322,355

8,586,328

Taxation – current

(2,338,939)

(2,506,776)

– prior years’

(21,136)

– deferred

(916,416)

(526,411)

———-

———-

(3,276,491)

(3,033,187)

———-

———-

Profit after Taxation

6,045,864

5,553,141

Attributable to:
Equity holders of the bank

5,945,685

5,471,308

Minority shareholders

100,179

81,833

———-

———-

6,045,864

5,553,141

———-

———-

(Rupees)

Basic/ Diluted Earnings per Share

1.54

1.41

Un-Consolidated Profit and Loss Account for the Year Ended 31 December 2012

2012

2011

(Rupees in ‘000)

Mark-up / return/ interest earned

31,133,594

31,975,248

Mark-up / return / interest expensed

(11,653,723)

(11,435,212)

———-

———-

Net mark-up/ return / interest income

19,479,871

20,540,036

Provision against non-performing loans and advances

(3,101,367)

(4,421,525)

Recovery of amounts written off

271,775

426,956

Provision for diminution in the value of investments

(442,167)

Bad debts written off directly

(325,188)

(486,608)

———-

———-

(3,596,947)

(4,481,177)

———-

———-

Net mark-up / return / interest income after provisions

15,882,924

16,058,859

Non Mark-Up / Non Interest Income
Fees, commission and brokerage income

3,493,744

3,103,775

Dividend income

75,606

50,118

Income from dealing in foreign currencies

1,609,512

2,402,852

Gain on sale of securities – net

1,169,658

886,808

Unrealized gain on revaluation of investments
classified as held for trading

15,850

56,673

Other income

951,576

(285,153)

———-

———-

Total non mark-up / non interest income

7,315,946

6,215,073

———-

———-

23,198,870

22,273,932

Non Mark-Up / Non Interest Expenses
Administrative expenses

(13,856,101)

(13,240,121)

Other provisions/ asset write-offs

(50,320)

(399,182)

Other charges

(184,184)

(203,927)

———-

———-

Total non mark-up / non interest expenses

(14,090,605)

(13,843,230)

———-

———-

9,108,265

8,430,702

Extra-ordinary / unusual items

———-

———-

Profit before Taxation

9,108,265

8,430,702

Taxation – current

(2,326,067)

(2,504,289)

– prior years’

(21,136)

– deferred

(850,507)

(480,727)

———-

———-

(3,197,710)

(2,985,016)

———-

———-

Profit after Taxation

5,910,555

5,445,686

———-

———-

(Rupees)

Basic/ Diluted Earnings per Share

1.53

1.41

For more information, contact:
Najam Siddiqui
Chief Financial Officer
Standard Chartered Bank (Pakistan) Limited
P. O. Box No. 5566.
I.I. Chundrigar Road,
Karachi 74000. Pakistan
Tel: (021) 245 0000
UAN: (021) 111 600 600
Web: www.standardchartered.com

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