Standard Chartered Records Steller Growth at Group and Country Level

By Daily News Reporter

Standard Chartered Bank has announced Zambia's financial performance for 2023 which looked bright. The Bank has demonstrated remarkable performance with significant growth in various key metrics, reflecting its commitment to delivering excellence in the banking sector at Group and country level.

Speaking to the media in Lusaka, Standard Chartered Bank Zambia CEO, Sonny Zulu said, “At the Group level, the bank achieved remarkable progress, with operating profit increasing by an impressive 27% compared to the previous year, reaching $5.7 billion. And the income showed a robust growth of 13%, a testament to the bank's sound business strategies. The Return on Tangible Equity (RoTE) at the group level stood at a commendable 10.1%, showcasing sustained efficiency and profitability.”

He further noted that the stellar performance of Standard Chartered Bank Zambia. “Our revenue in Zambia surged to K1, 521 million in 2023 from K1, 195 million in 2022, representing a substantial increase of K326 Million. He said.

The Bank's profit after tax also saw a remarkable uptick to K615 million in 2023, compared to K245 million in the previous year, demonstrating a significant leap in financial performance. The RoTE at the country level stood at an impressive 14.3%, demonstrating the bank's strong financial health and strategic execution,” he stated.

He further highlighted the bank’s achievements, stating, "We are pleased with the exceptional performance witnessed at both the group and country levels. These results underscore our unwavering commitment to delivering value to our stakeholders by achieving sustainable growth and creating lasting impact in the communities we serve."

Mr Zulu also shared exciting updates on the key milestones pertaining to expansion and technological advancements. "We have invested in 23 new Cash Deposit Machines (CDMs), enabling our customers to enjoy convenient and hassle-free banking services. Furthermore, our agent network has grown to 142, with 23% of branch transactions migrating to the agencies from the branch underscoring our commitment to delivering accessible banking services to more customers in underserved areas,” he explained. 

The CEO further stated that the bank’s personal loans grew by an impressive 70% 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 programme has seen increased investment of K4million pumped into Cohort 4 of the WIT programme translating into more female winners and women undergoing training. Meanwhile, the Bank's youth programmes continue to be a key component of its community engagement efforts, demonstrating its commitment to nurturing the next generation of leaders and change-makers.