Standard Chartered Bank Bangladesh posts historic Tk3,300cr profit in 2024
Standard Chartered Bank Bangladesh has reported a net profit of Tk3,300 crore for the year 2024, which, according to a source familiar with the matter, marks not only the highest-ever annual profit for the bank but also the largest in the history of the country's banking sector.
According to the bank's financial statement and audited accounts, the figure marks a 41% year-on-year jump in net profit, driven by reduced borrowing costs and higher income from interest and investments.
Standard Chartered Bangladesh has recorded consistent growth in net profit over the past four years, as per the financial statement. In 2021, it reported a net profit of Tk758 crore, which rose to Tk1,655 crore in 2022. The upward trend continued in 2023 with a profit of Tk2,335 crore, and in the latest financial year, it further increased to Tk3,300 crore.
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The bank's core income from interest surged by 33% year-on-year to Tk2,718 crore. At the same time, its interest expenses on deposits and borrowings declined by 11% to Tk284 crore. Interest income from loans alone rose 27% to Tk3,001 crore.
Standard Chartered also earned Tk1,799 crore from government securities, including capital gains – up 47% from the previous year – boosted by rising interest rates on Treasury bonds, which reached a decade-high of around 13%.
As of 2024, total loans and advances stood at Tk30,318 crore, while total deposits amounted to around Tk38,000 crore.
Despite ongoing sectoral challenges, Standard Chartered Bangladesh reduced its classified loans by Tk128 crore, or 13%, to Tk836 crore, bringing its non-performing loan ratio down to 2.75%, well below the industry average.
Standard Chartered has been serving in Bangladesh for 120 years. The bank currently operates 18 branches, one Islamic banking window, and three customer service centres across the country.
