Standard Bank's Zim unit stays profitable

Standard Bank's Zim unit stays profitable

2015-03-31 13:03

Harare - Stanbic Bank Zimbabwe, owned by Standard Bank [JSE:SBK], reported a 13.11% growth in profit for the year to end-December 2014.

In a results statement released on Tuesday, the company said profit for the period had risen to US$20.7m from $18.3m the prior comparative year.

In an environment characterised by bank closures and a damaging liquidity crunch, the bank managed to grow its total income to $84.4m, up from $78.9m in the prior year.

The bank now has assets under custody of about $1.1bn, which helped increase fee and commission income by 13.6% to $34.5m.

Looking at future prospects, chairperson Sternford Moyo said the country’s economic growth prospects remain weak with marginal growth projected in key sectors such as mining, telecommunications and agriculture.