Standard Bank's Zim unit deemed profitable
Stanbic Bank, Standard Bank's Zimbabwe-based unit, has reported profit after tax of some US$23.9 million – a 15% increase – for the year to end-December 2015.
Furthermore, net interest income grew 11% from the previous period, to some $42.8 million. The bank's fees and commission income rose to $36 million - an increase of 5% - while its gross lending book grew to $272 million - an 8% increase.
According to Joshua Tapambwa, Stanbic CEO, these results were achieved in an operating environment marred by tight liquidity, declining aggregate demand company closures and job losses, which Tapambwa said had a negative impact on the banking industry's performance.
Tapambgwa further noted that the bank continued to drive financial performance despite the increasingly difficult operating environment, and said it will remain focused on identifying cost containment initiatives and eliminating areas of cost inefficiencies in an effort to reduce its cost base.