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StanChart in 116% net profit growth

StanChart in 116% net profit growth
By Joseph Mwenda and Chiwoyu Sinyangwe
Thu 18 Nov. 2010, 04:00 CAT

STANDARD Chartered Bank Zam-bia has recorded a 116 per cent net profit growth, the highest record in 104 years of its operations in the country.

During the third quarter performance media briefing in Lusaka yesterday, Standard Chartered Bank managing director Mizinga Melu said the bank performed strongly against increased competition from both international and local financial institutions.

“In our Zambia Q3 (Quarter three) accounts which we published in the last week of October, we showed that our net profit has grown 116 per cent year-on-year to K93.2 billion. Our balance sheet has grown 18 per cent year-on-year to K3,398 billion while our deposits have grown 10 per cent year-on-year to K2,664 billion,” she said.

Melu attributed the bank’s good performance partly to a customer service-centred strategy.

“It is our clear customer centric strategy that has enabled Standard Chartered Bank to deliver an excellent set of results of the first three quarters of 2010,” she said.

Melu said this was despite the fact that the general performance of international businesses had shown that Africa and Zambia, in particular, had not been immune to the global recession.

Meanwhile, Standard Chartered Bank has projected that the Kwacha would extend its gains further with pivotal support at the K4,470 level against the US dollar.

Melu said the major factors that would support the performance of the local currency include buoyant copper prices on the London Metal Exchange, favourbale domestic economic environment and capital inflows from offshore clients looking to buy government securities.

Labels: BANKING, MIZINGA MELU, STANCHART

posted by MrK @ 5:16 PM