Standard Bank Plc. makes K39.2 bn profit
The Malawi Stock Exchange (MSE) listed Standard Bank Plc has posted a 39.2 billion kwacha net profit in 2022.
The figure is a 58 % profit jump from 24 billion kwacha in 2021 according to financial statements cosigned by Chairperson Ngeyi Kanyongolo and Chief Executive Phillip Madinga.
This performance has been achieved despite operating in a challenging environment due to adverse factors including market wide forex scarcity and high inflation rates.
Total revenue grew by 40% year on year driven by growth in both net interest income and non-interest revenue.
During the year, the bank’s loans and advances to customers and financial investments grew by 14 and 99% respectively which bettered its net interest income by 49%.
On the other hand, credit impairments were significantly up due to growth in the customer loan book as well as financial investments which resulted in increase of performing related credit impairments.
Operational costs were 28% higher than in the prior year, a change attributed to the increase in prices of goods and services as well as the impact of the 25% devaluation of the Kwacha.
On the back of this 39 billion kwacha profit, Standard Bank is proposing a total dividend of 20 billion kwacha at 85kwacha 32tambala per share from last year’s 8.7billion kwacha at 37kwacha 07tambala per share.
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