Friday, May 31, 2024

Standard Chartered posts 15% income growth


Standard Chartered Bank Zambia has announced a 15 percent growth both in income and profit before tax for the year 2022.

According to Bank Chief Executive Officer Sonny Zulu this translates to over 16 billion dollars in income and 4.8 billion dollars in profit before tax.

Addressing the media,Mr. Zulu also announced a new one billion shares back and final dividend of 14 cents per share.

“We are pleased to announce a strong set of results for the full-year 2022, with both income and profit before tax up 15%, and a return on tangible equity of 8.0%, up 120bps on 2021. We are also announcing a new $1bn share buy-back, and a final dividend of 14 cents per share, taking total shareholder distributions announced since the start of 2022 to $2.8bn, more than half the three year $5bn target we set ourselves by 2024.”

He added that the Bank continues to make significant progress against the five strategic actions outlined last year, and that the Bank remains confident in the delivery of its group financial targets.

“We are upgrading our expectations and are now targeting a return on tangible equity approaching 10% in 2023, to exceed 11% in 2024, and to continue to grow thereafter,” according to Mr. Zulu.

Mr. Zulu said the bank has made significant strides in its digital banking agenda.

“At Standard Chartered Bank Zambia, we have recorded tremendous successes in our digital bank, which was launched in 2019. Today, we remain the only bank in Zambia with the capability to open a bank account end-to-end digitally, without the need to ever visit a physical branch. 71% of our clients have adopted our digital platforms – the award-winning SC Mobile App, online and phone banking. 84% are requesting banking services via our digital channels. We have also recorded a 160% growth in our monthly new account opening run rate,” he said.

“And that is why the Standard Chartered banking App – SC Mobile – has been named ‘Best Digital Bank in Zambia’ according to the prestigious ‘Global Finance Awards (for 8 years in a row). ‘The Digital Banker’ also recognised ours as the best banking app in 2022.”

Mr. Zulu said that the bank has also made strides in Agency Banking. Since launching this digital capability in September of 2022, Standard Chartered has seen over 5,000 transactions being done through its Agent Banking platform.

In 2022, Standard Chartered rolled out its Cardless Cash Withdrawal service, giving clients the convenience to perform self and third-party instant cash withdrawals from any Stanchart ATM without use of a physical debit card.

The bank has also embarked on a Countrywide revamp of its ATM network, where it will roll out 23 new modern ATMs across its network.

Standard Chartered Bank has also scored big wins in its Community initiatives, investing over $1million into youth and women’s empowerment projects.

Mr. Zulu said, “We are equally committed to invest in the communities where we operate. Over the last 5 years, we have invested over $1million to empower women and youths in Zambia. Our Women in Tech (WiT) programme, empowers Zambian female entrepreneurs with seed funding to scale up their businesses using the power of technology. Our Youth programmes empower young people to gain meaningful work experience, empowers them to become entrepreneurs and empowers adolescent girls with life skills education using the power of sport.”

He said Standard Chartered Bank remains committed to supporting the Zambian economy and sees positive long-term prospects for Zambia.

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