Standard Bank plc annual profit slumps 13%

Standard Bank plc has reported a 13 percent drop in after-tax profit for the year ended December 31 2018.

In its financial results for the year ending December 31 2018 published yesterday, the Malawi Stock Exchange (MSE)-listed bank said it posted a profit of K10.6 billion, which is a drop from K12.1 billion realised over the corresponding period in 2017.

The bank has attributed this to the drop in net interest income which was down 13 percent year-on-year.

“Despite the drop, non-interest revenue was 22 percent above the same period last year due to growth in transactions volumes in the transactional business,” reads the statement co-signed by the bank’s chairperson Rex Harawa and chief executive officer William Le Roux.

The bank expects the macroeconomic stability to continue this year supported by stable food prices and lower than prior year projected global oil prices.

“As a group, we remain committed to ensuring customer satisfaction. To improve customer satisfaction and improve efficiencies, the group implemented a new core banking system in 2017,” said the bank. n