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Standard Chartered Bank Zambia profits K167 million after tax in Q2

• Bank delivered a strong performance in the second Quarter of 2022
• Financial institution also recorded a 26 percent growth on non-interest income
• Operating expenses reduced minimally by 2 percent quarter on quarter due to prudent cost management measures.

Standard Chartered Bank Zambia says it delivered a strong performance in the second Quarter of 2022, resulting in a year to date profit after tax of K167 million which is 11 percent better quarter on quarter.
Speaking at a media briefing, Bank Chief Executive Officer Sonny Zulu said the financial institution also recorded a 26 percent growth on non-interest income due to a rise in commission income, which is volume driven and income from wealth management products.
“As we ended the first half, Ima delighted to announce that globally, we posted a strong set of results for the first half of the year, with income up 10 percent on a normalized basis, supported by continued positive momentum in the second quarter, in which we grew income 11 percent. We remained disciplined on expenses, with significant savings delivered and maintained a strong capital position, “he said
Mr. Zulu stated that operating expenses reduced minimally by 2 percent quarter on quarter due to prudent cost management measures employed by the bank.
He added that the banks’ balance sheet position remains robust with strong liquidity and a healthy capital adequacy ratio.
Meanwhile, Mr. Zulu has disclosed that the bank will be dropping its interest rates on Mortgages from 24.5 percent to 16 percent, effective 15th August 2022 for all new bookings, while personal loans rates will be dropped from 29 percent to 23 percent and over maximum amount of K450, 000 with a tenure of up to 60 months.
“With these low rates, I believe the new teachers and nurses can take advantage of the reduced rates to start their new homes by building a quality house, “he stated
Mr Zulu further revealed that the bank will be launching its Agency Banking centers with over 100 centers countrywide in the first phase.
“We are committed to better the lives of Zambians through our community engagement initiatives. Under our programme future markers by the bank, we have invested over 10 million Kwacha this year alone in employability and entrepreneurship programmes for youth and women, “he added.

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