Standard Chartered Bank (Pakistan) Limited (PSX: SCBPL) has attributed the recent ‘unusual movement’ in its share price to the bank’s strong financial performance in the calendar year ending December 31, 2023 (CY23).

‘We understand that the positive trend in the price of the shares of SCBPL was triggered with the announcement of financial results on 23 February 2024 as investors reacted favorably to the strong financial performance of the Bank in the backdrop of an overall bullish trend in the stock market,’ the bank explained to the main bourse on Wednesday.

The bank recalled that it had announced its annual financial results for CY23 which showcased unprecedented financial performance for the period and posted the highest-ever Profit Before Tax of Rs. 89.2 billion enabled SCBPL to declare its best dividend since its incorporation.

The combined dividend announced by the bank for 2023 stood at 90 percent i.e. Rs. 9 per share.

The bank said, ‘We would also like to furnish that the Bank is not aware of any
other development/information that may be relevant to the unusual movement in the price of the shares of the Bank’.

The Bank remains fully committed to meticulous compliance with all the regulatory provisions and will continue to ensure immediate dissemination of any price-sensitive information to PSX, the filing added.

SCBPL’s response comes after PSX earlier this week demanded the bank alongside three other listed firms to explain the reason behind the unusual movement in their share prices.

At the time of filing, the bank’s scrip at the bourse was Rs. 55.1, up 2.89 percent or Rs. 1.55 with a turnover of 47,500 shares on Wednesday.

Source: Pro Pakistani