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Business Writer
Stanbic Bank Zimbabwe has announced the appointment of Solomon Nyanhongo as the new chief executive officer with effect from 1 January 2021.
Nyanhongo takes over from Joshua Tapambgwa who leaves after 12 years at the helm of the financial institution.
In a statement, the bank said Nyanhongo joined the bank in 2003 as a Senior Manager, Finance.
Until this appointment, Nyanhongo was the bank’s chief financial officer, a position he held since 2009.
Nyanhongo is a Chartered Accountant who also holds various “relevant qualifications, including a Master’s in Business Administration (MBA) from Nottingham Trent University (UK).
Stanbic Bank Zimbabwe, is a subsidiary of the South African-headquartered banking group, Standard Bank.
Stanbic Bank Zimbabwe, a member of the Standard Bank Group, is a full service, universal bank with a clear focus on three main pillars of business – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The Bank is wholly owned by the Standard Bank Group.
Last year it was given an award as the “Best Bank in Zimbabwe” by The Banker and by Europe, Middle East and Africa Finance. Both are reputable global institutions who recognise top banks in Africa and Worldwide respectively.
They commended Stanbic Bank’s innovative approach to its operations and products especially under the difficult operating environment brought about by Covid-19.
In its last set of reported results for the half year to June 2020, Stanbic achieved an inflation adjusted profit after tax of $607.2 million, surpassing the inflation adjusted loss of $624 million incurred in the comparative period, underpinned largely by an improvement in our non-funded income which includes trading revenue, fee and commission income and fair value adjustments on investment properties.
Net interest income for the period declined by 28 percent from $540 million to $389 million although the Bank’s lending book had grown by 11 percent from $2.5 billion as at the end of December to $2.7 billion.
The Bank’s lending rates remained stagnant on account of regulatory constraints, at a time when average monthly inflation rates were around 18 percent.
The Bank registered a 23 percent growth in its fee and commission income, growing from $395 million in the prior period to $486 million largely buttressed by the impact of the continued depreciation of our local currency against the USD on the foreign denominated commission income which, in turn, had increased substantially in local currency terms.
Fair value adjustments which were recorded during the period on investment properties underpinned the uplift in the Bank’s inflation adjusted total income which grew by 108 percent from $1.4 billion as at the end of June 2019 to $2.9 billion.
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