KARACHI: The Standard Chartered Bank has reported Rs9.8 billion for 2014 amounted to, down 8.2% from profits of Rs10.7 billion it earned in 2013.
The bank’s net interest income (NII) for the year increased 13.7% to Rs21.3 billion. While its interest income surged 12% on a year-on-year basis, the bank’s interest expense grew 9.3%, financial accounts show.
High provisions against non-performing loans (NPLs) dented the bank’s net interest income after provisions. Provisions stood at Rs511.3 million in 2014 as opposed to the reversals of Rs1.1 billion provisioning recorded in the preceding year.
Total non-interest income increased to Rs7.4 billion, up 25.8% from Rs5.8 billion in 2013. The increase in non-interest income was led by 9% year-on-year jump in fee, brokerage and commission income along with 22% rise in income generated from dealing in foreign currencies.
In its consolidated financial results sent to the Karachi Stock Exchange (KSE) on Thursday, Standard Chartered also announced a final cash dividend of 15%, or Rs1.5 per share, in addition to 7.5% interim cash dividend declared during the year.
