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%).
93 thoughts on “Standard Bank makes K13.5bn profit”
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Tizingosawukirasawukilabe,bola Our Money Kumangosunga Panyumba Mumphika
Pure stealing
Bank yakuba ndikuchokako mwezi uno
ndalama zanga bora ndikasiye ku village bank analigokhwilo okuba inu,,,anthu opanda chisoni agulukunyinda inu
Okay, so standard bank has rubbed poor malawian such huge amount?
Kuba awa kwambiri.
Kuba too much back imeneyi
Ndimadabwa mumangondibera ndalama zanga, kani mumafuna mawa muziti mwapanga ma profit? Lero lomwe ndkukatseka account!!!
billions???: really??
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Likongozeni Boma kt mwina apereke Dolaxo ku frames kt mwina tingawineko akuluakulu..Mmmmm ..tavutika bwanj…!
Likongozeni Boma kt mwina apereke Dolaxo ku frames kt mwina tingawineko akuluakulu..Mmmmm ..tavutika bwanj…!
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
Mbava zothela zili ku standard Bank
Timangileni toilet pafupi ndi Bank Hall. High interest rate eeeish
A MRA gwirani tchito apa achita kunena okha muziadula 60% pa ma charges and osamagotidula ife Athu tokha komanso ma Bank wa
muwauze tigawane zimenezo apo bii tikatseka ma account athu nkukatsagula kwina
Yet withdrawing from sponsoring the FAM cup,stupids
If this is true start again standard bank cup
I wish the employees were better paid, the worst bank tellers paid in banks are from this banking making abnormally huge profits