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Standard Chartered Bank Zambia has for the first time since 2013 posted an income of K1.521 billion, a 27 percent growth year on year.
The bank revenue surged to K1.521 billion in 2023 from K1.195 billion the previous year, representing a substantial increase of K326 million.
Furthermore, the bank’s profit after tax surged to K615 million, compared to K245 million the previous year.
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Bank’s Chief Executive Officer, Sonny Zulu, told journalists in Lusaka on Wednesday that this demonstrated a significant leap in the financial performance.
Looking at the other financial metrics, Zulu pointed out that the Return on Tangible Equity (RoTE) at the country level stood at 14.3 percent, demonstrated the bank’s strong financial and strategic execution.
“Zambia after a very long time, we posted an income of K1.521 billion for 2023 that was 27 percent growth year on year. We have not achieved such growth since 2013,” Zulu said.
He attributed the growth in its income and other financial metrics to its digital strategy.
“I am very delighted that the digital strategy has been working very very well if you look at our digital adoption which is currently sitting at 74 percent. When it comes to service request… 85 percent of all the requests today are been processed digitally,” Zulu said.
At a group level, the bank reportedly achieved remarkable progress, with operating profits increasing by 27 percent compared to the previous year, reaching US$5.7 billion.
Zulu further said the income showed a robust growth of 13 percent, a testament to the bank’s sound business strategy.
He indicated that RoTE at the group level stood at a commendable 10.1 percent, this showed sustained efficiency and profitability.
Zulu also shared updates on the key milestones pertaining to expansion and technological advancements.
“We have invested in 23 new cash deposit machines, enabling our customers to enjoy convenient and hassle-free banking services.
“Furthermore, our agent network has grown to 142, with 23 percent of branch transactions migrating to the agencies from the branch underscoring our commitment to delivering accessible banking service to more customers in underserved areas,” he explained.
Zulu spoke on the bank’s personal loans, which grew by 70 percent year on year, with over K860 million worth of loans booked, highlighting the bank’s strong lending portfolio and commitment to fuelling economic growth.
Under Community Investment, Standard Chartered’s Women in Tech (WIT) programme had seen increased investment of K4 million pumped into Cohort 4 of the WIT programme translating into more female winners and women undergoing training.
Meanwhile, the Bank’s youth programmes continued to be a key component of its community engagement efforts, demonstrating its commitment to nurturing the next generation of leaders and change-makers.
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