CHI - Standard Chartered Leasing Limited (SCLL) announced its financial results for the first half year. The company closed the half year ended December 2009 with a profit before tax of Rs27.2 million as compared to a loss of Rs56.40 million in the previous corresponding period. Total Income of the company grew by 67 per cent from Rs76.27 million to Rs127.40 million as at December 31, 2008 and 2009 respectively.
SCLLs financial results for the half year reflect a turnaround, despite global financial turmoil and difficult local economic environment. The company has achieved these results mainly through recording of new leases, efficient financial management including cost control and implementation of prudent risk management and best practices.
Due to the above, Pakistan Credit Rating Agency (PACRA) has upgraded the long-term and short- term ratings of Standard Chartered Leasing Limited (SCLL) to AA- (Double A Minus), and A1+ (A One Plus) respectively. These ratings denote very low expectation of credit risk emanating from very strong capacity for timely payments of financial commitments.
The ratings reflect the strengthening of SCLL profile with the implementation of strong risk management systems, policies and procedures - acquired from the parent, Standard Chartered Bank (Pakistan) Limited (SCBPL). The ratings also recognize the financial and business support to the company by the parent.