Standard Chartered Bank earned a net profit after tax of over K267 million, beating the competition for the highly-vetted number one position in the market in terms of profitability, the bank’s results show.
In a statement availed by StanChart head of corporate affairs Christine Matambo, Wednesday, StanChart posted huge profits after tax of K267.4 million during their 2018 financial year period.
“Standard Chartered Bank Zambia once again emerged as the most profitable commercial bank in Zambia in 2018. The bank, which released its full year financial results last week, recorded K267.4 million profit after tax, beating the competition for the highly-vetted number one position in the market in terms of profitability,” the statement read.
And StanChart chief executive officer Herman Kasekende hailed the bank’s financial performance.
“Standard Chartered is in the business of prosperity – collaborating with our clients as they journey towards becoming more prosperous as individuals, for their businesses, and indeed for the large corporates we support. We remain firmly committed as a key strategic partner for Zambia’s economic prosperity,” stated Kasekende.
“Zambia is one of the markets where we will continue to invest and enhance our capabilities, especially in the digital banking space. In 2018, we announced the construction of our new state-of-the-art head office building. This demonstrates that even after 112 years of operating in Zambia, we are still ‘here for good’.”
Standard Chartered remains the leading bank in Zambia in terms of profitability, supporting various key sectors of the economy, including mining, agriculture, telecommunications and major service industries, according to the statement.