Sundaymail Editor
Online Reporter
STANBIC Bank posted an inflation adjusted profit of $11,2 billion for the first half of the year, up from $3,5 billion in the prior comparative period.
During the period under review, the bank said it took a proactive response to the growing working capital requirements from customers through the provision of lending facilities in both local and foreign currency.
Stanbic Bank chairman, Mr Gregory Sebborn, said the strong set of results also came on the back of improved business activity as the Covid-19 pandemic had subsided.
“In addition, the level of business activity which was experienced during the period had improved as business operations normalised after the two-year Covid -19 era had eased,” said Mr Sebborn.
Stanbic – a Standard Bank Group subsidiary – closed the six months period with a qualifying core capital of $32 billion, surpassing the local currency equivalence of the required US$30 million regulatory minimum.
Stanbic chief executive, Mr Solomon Nyanhongo, said, on a historical cost basis, a profit of $22,2 billion was recorded in the first half of the year in comparison to $2 billion in the prior period.
Nyanhongo said the bank’s net interest income grew by 66 percent from $7,5 billion in the comparative period to $12,3 billion.
“This growth was largely spurred by the strong growth in interest earning assets as new lending assets were written compounded by the upward review of interest rates during the period.
“Fee and commission income for the period had increased by 21 percent from $7,8 billion in 2021 to $9,5 billon largely underpinned by the improved volumes of transactions, which were being processed on our various service channels,” said Mr Nyanhongo.
Bongani Ndlovu
Online Reporter