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Saturday, October 31, 2020

Stanbic bank records 30 percent profit

Economy Stanbic bank records 30 percent profit

Stanbic Bank has recorded a 30 per cent profit increase in the previous financial year, Bank managing director Larry Kalala has said.

Speaking at the Bank’s first ever quarterly media  briefing in Lusaka today, Mr Kalala said the 30 per cent increase in the net bank revenue represents an actual rise of K47 billion from K157 billion for the year 2005 to K204 billion last year.

He said the loans and advances grew by 33 per cent while deposits grew by 25 per cent.

He attributed the bank’s good performance to the favourable economic environment
during the year.

He cited economic factors such as the fall in inflation levels, rise in the strength of the kwacha due to increased exports earnings and the effects of external debts cancellation as among the factors that have had favourable impact on the economy.

Mr Kalala also anticipated another good performance for the current financial year
as the bank has so far witnessed an increase in asset bookings.

He said the bank will this year focus on improving operational efficiency and
service delivery.

He said the bank has already overhauled its IT capacity by installing new servers in
order to improve service delivery.

He said the bank will also introduce new products in the Personal Banking space such
as Internet Banking, Home loans, and new transactional product offerings. 

The Stanbic Managing Director added that the bank will also expand  the AutoBank
network from the current 25 to a total of 40 by December this year.
ZANIS

5 COMMENTS

  1. That is good news to hear, Govt this is now your time to get your share. Tax them more,and use the money for meaningful things. Cheers Stanbic,you are the people we need.

  2. Kayata, big Duh..Stanbic has always paid tax, man and they more than enough tax by the way. It’s the mines & co that govt needs to tax more than offer these funny tax incentives which greab bank like Stanbic have never enjoyed and still continue to make a profit due to awesome management

  3. Congrations, Stanbic, well done, but please remurate your employees as Standard Chartered Bank has just done. We need such employers as SCB in country.

  4. Well done Larry Kalala and your team, chirundu is one of the fastest growing towns in the country please come and open a branch here and help us help you,

Comments are closed.

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