Karachi – Standard CharteredBank (Pakistan), Limited has announced record profits and income for the year 2011.

The Bank’s Profit (before tax)have grown by 52 per cent to PKR 8.4 billion in 2011, with earnings per share up at Rs 1.41 per share from PKR 0.93 per share in 2010. Revenue increased to a record PKR 26.8 billion fostered by improved net interest margins and volumes, says press release.

These results are a testimony of the disciplined execution of the Bank’s strategy of improving profitability, enhancing customer service and people engagement. The growth in profitability is attributed to a steady revenue line which remains resilient and under pinned by high levels of activity across the businesses.

Despite high inflation and currency depreciation, the Bank’s administrative costs have been well controlled and only increased marginally by 3 per cent.