Standard Bank makes K13.5bn profit

Jun 05, 2016 Sports 93
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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.

MoneyHe 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%).

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93 Comments

  6. Is it a fair profit from justified transanction? Where do the proceeds from profits go? I am certainly sure that majority of Malawians are suffering at the hands of these huge profits.

  7. Amanyengelera anthu awa kuti utsegule account ndi iwo cholinga kufunu kuba eti!!!!!!!!!!!!! mbava izi sindikatsegulako ndipo sindizachitenso ine zanga ndimakumbira pansi sha!!!!!

  25. Deposits get 10%borrowers pay 40%+why not make profit?very high charges too. Not serving the customers but pocketing and fattening each and every weaknesses of customers

  28. A MRA gwirani tchito apa achita kunena okha muziadula 60% pa ma charges and osamagotidula ife Athu tokha komanso ma Bank wa

  32. I wish the employees were better paid, the worst bank tellers paid in banks are from this banking making abnormally huge profits

  36. Zathu zomwe zimati saukusa kupusa eti anthu amapanga zithu ngat izi amakhala kut ndi anthu akulu koma kuganiza padoko anthu opanda chisoni inu vimimba ukooo ena nkumavutika inu zimano kikisuuuu

  39. NATIONAL BANK NDE EEEEEEEE CHIFUKWA PANO NDE KUDULA KWAKE UKANGOTENGA LOAN NDE NDIKULAKWITSA KOMA CHINDAPUSA CHOKHACHO KUPHA KWENIKWENI NKUWONA INE NDIMATI WINA AKABA KU BANK NDIMANYADILA KWAMBIRI

  46. Zauchitsiru basi… Profit my foot. Ife ndiye mkumavutika ndi ma charges ati sms alerts, monthly ledger fees etc, etc… Thunder strike u amillion times… mukatero mugawane…

  59. If this is correct then invest K3 billion in service delivery. More ATMs and faster and more efficient services. Profits can sometimes be a sign of cost cutting at the expense of service delivery and headcount

  62. But are we (your customers) smiling as well? This shows ONE thing: customers have been squeezed DRY. Reduce the lending rates,PLEASE.

  63. Eeeeh koma ndiye tikubeledwa! Where is that islamic bank i heard before. Imenei inakatithandiza

  67. But am one the customers amene ATM yimandupanga overcharging up to the extent I was about to close the account! After re embursing my money am still with them, To them its a profit but to us we ve been robbed a lot I hate it!

  69. This bank has the highest bank charges than any bank in Malawi hence the huge profits. The problem is all banks in malawi run away from being risk bearers, any charge effected by reserve bank on them is paid by their customers through bank charges and reserve bank doesn’t care at all they allow these banks to charge as they wish

  71. how can they not make huge profits with so many dubious bank charges and extremely high lending interest rates. its obscene

  81. This bank is stealing from pple. No where would they justify such profits. Of course government borrowing may play a bigger role.

  83. Tomorrow am coming to close my account,after deducting 20 pin in my account in the name of bank charges Lero ndiye muziti mwapanga profit 13.5 billion mukukama yoonda kale

  91. Aaaa Std Bank kuba. They like making false deductions. Ine monde anayambira kundidula Internet Banking fee, kuwalesa sakusiya. & I’ve suggested to close my account ndithu, ndikasegule kwina. Anthu akuba away. profit yaboza.

  92. I think banks should be ashamed to register these obscene amounts of profits. Is this not inhumane when they cant reduce the interest rates, cant recruit more cashiers, cant improve the services, cant even reduce their numerous charges.

    This country is being run by amateurs, seriously the government should intervene in a case where Malawians are being impoverished and banks are making unimaginable amounts of profits. K30.5 billion net profit is insane.

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