Authorities at Standard Bank have disclosed that the institution has generated K13.5 billion profits in the 2015/16 financial year.
Confirming the development, Standard Bank Malawi chief finance officer Temwani Simwaka said the bank has registered a jump from K10 billion in the year 2014/15 to K13.5 billion this year.
“Things have gone well with us, we managed to have such profit in the situation that the country is going through and we hope that when things are to continue working better in the future,” said Simwaka.
He further said that the bank is to release K3 Billion to its shareholders this year compared to K2.5 billion given last financial year.
Simwaka said one of the reasons for the hike in profits is that the bank has reasonable number of shareholders that help it.
The bank was registered as a commercial bank on 15 March 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%).