Maravi

(LUSAKATIMES) StanChart on track for record profit growth

COMMENT - Obviosly demanding double digit lending rates and paying around 2% savings rates isn't hurting their profitability, even though it drives most people away from the banking sector.

StanChart on track for record profit growth
By LusakaTimes
Wednesday, November 17, 2010, 16:10

Standard Chartered Bank Zambia has said its on course to record its highest net profit growth in the 104 years of its existence in Zambia before the end of the year. Speaking at a media briefing this morning, Standard Chartered Bank managing director Mizinga Melu said the bank’s net profit this year had risen to 116 percent.

“Our net profit has grown 116% translating to K93.2 billion, our balance sheet has grown 18 % which is K3,398 billion while our deposits have grown 10 % culminating into K2,664 billion.

She said the bank managed to record the increased profit despite the global economic recession that had affected Zambia and the rest of the continent.

And Ms. Melu announced a stable Kwacha projection at K4,470 level,with pivotal support.

Standard Chartered Bank’s medium to long term focus is that the Kwacha will extend its gain further with pivotal support at K4,470. The major factors to support the local currency include:

-buoyant Copper prices on the London Metal Exchange
-trade surplus in consecutive months so far this year
-favourable domestic economic environment

Labels: LENDING RATES, STANCHART

posted by MrK @ 4:51 PM