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Harare - The Zimbabwe unit of the Standard Bank Group [JSE:SBK] has reported a 44% rise in profit for the year to December, but said Zimbabwe’s economy remains constrained by a local ownership law and frequent power shortages.
Stanbic Bank said its full-year profit rose to $11.1m in 2011 from $7.7m previously, as fees and interest income increased.
Stanbic said the economy, which has stabilised over the last three years, was still hamstrung by a lack of long-term capital and lines of credit, electricity shortages and uncertainty over the government’s drive to force foreign-owned firms to surrender majority stakes to locals.
The government has already forced South Africa’s Impala Platinum to surrender 51% shares in its Zimplats unit to a state fund, employees and local communities.
Youth and Empowerment Minister Saviour Kasukuwere told reporters in December that the unlisted Stanbic had presented a “comprehensive plan” to comply with the local ownership law which the government was reviewing.
Kasukuwere has dismissed offers by local units of British banks Barclays and Standard Chartered to sell 10% stakes to black Zimbabweans as “paltry”.
Stanbic Bank said its full-year profit rose to $11.1m in 2011 from $7.7m previously, as fees and interest income increased.
Stanbic said the economy, which has stabilised over the last three years, was still hamstrung by a lack of long-term capital and lines of credit, electricity shortages and uncertainty over the government’s drive to force foreign-owned firms to surrender majority stakes to locals.
The government has already forced South Africa’s Impala Platinum to surrender 51% shares in its Zimplats unit to a state fund, employees and local communities.
Youth and Empowerment Minister Saviour Kasukuwere told reporters in December that the unlisted Stanbic had presented a “comprehensive plan” to comply with the local ownership law which the government was reviewing.
Kasukuwere has dismissed offers by local units of British banks Barclays and Standard Chartered to sell 10% stakes to black Zimbabweans as “paltry”.
