The Malawi Stock Exchange listed Standard Bank Plc has post 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 Officer 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%.
