Standard Bank first half profit up 70% – The Times Group
Malawi Stock Exchange (MSE)-listed Standard Bank recorded a 70 percent jump in its profit for the six-month period ended June 30 2023, the bank says in a published financial statement.
The bank posted a K27 billion profit-after-tax during the period under review compare a to K16 billion recorded during the same time last year.
The profit is 30 percent lower than the K39 billion profit after tax the bank reported in 2022.
Total revenue grew by 56 percent year-on-year driven by growth in both net interest income and non-interest revenue.
Net interest income grew by 71 percent year on year driven by growth in loans and advances to customers and financial investments, which both grew by 26 percent and 29 percent year-on-year, respectively.
“The growth in interest earning assets was as a result of growth in deposits from customers which also grew by 41 percent year-on-year,” the statement reads.
The performance has resulted in an increase in earnings per share for the half year from K67.57 in 2022 to KI15.05 in 2023.
Standard Bank Chief Executive Officer Phillip Madinga said persisting volatilities in macroeconomic factors threatens performance of the institution in the second half.
“The operating environment is expected to remain challenging in the second half of the year given the persistent inflationary pressures emanating from high food prices. utility tariff increases and tight foreign exchange supply conditions.
“A new Extended Credit Facility programme with the International Monetary Fund before the end of the year could bring about currency stability and foster business confidence,” Madinga said.
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