Standard Chartered Bank Plc has revealed that it has committed about 5billion kwacha towards the rebasing of the kwacha a process which has been embarked upon by the central bank of bank.
Managing Director Mizinga Melu says the K5 billion will be used by the bank to upgrade its systems and infrastructure.
Mrs. Melu said part of the money will also go towards staff training in order to ensure a smooth transition to the new kwacha.
“We are setting aside K5 billion for this very important exercise, it will involve a lot of training for our people and our customers in order to achieve the objectives of this exercise,” Mrs. Melu told Reporters at a media breakfast in Lusaka.
And Mrs. Melu revealed that Standard Chartered Bank saw its net profit jump by 61percent and currently stands at K104.9billion.
“We have had an exceptional first six months. Our loan and advances also grew at 58percent and stands at K1, 936.5billion,” Mrs. Melu said.
She has disclosed that the bank’s deposits grew by 6percent and currently stands at K3, 717 billion with the balance sheet growing at 4percent to stands at K4, 912billion.
On the 2013 national budget due to be presented this Friday, Mrs. Melu said she would like to see more funding to go towards the agriculture sector to continue with the positive performance of the sector over the past couple of years.