• The bank also recorded a return on tangible equity of 8.0 percent, up to 120 basis points in 2021.
• The bank targets a return on tangible equity approaching 10 percent in 2023 and will exceed 11 percent in 2024.
• The Bank continues to make a significant progress and remains confident in delivery of its group financial targets
A Commercial Bank says it posted 15 percent of income and profit before tax of US$4.8 Billion in 2022.
Speaking at a media briefing, Standard Chartered Bank Zambia Chief Executive Officer Sonny Zulu said the financial institution also recorded a return on tangible equity of 8.0 percent, up to 120 basis points in 2021.
Mr. Zulu also revealed that the bank targets a return on tangible equity approaching 10 percent in 2023 and will exceed 11 percent in 2024.
He further announced a new US$1 Billion share buyback and a final dividend of 14 cents per share, taking total shareholder distributions announced since the start of 2022 to US$2.8 Billion.
“The Bank continues to make a significant progress and remains confident in delivery of its group financial targets. We are upgrading our expectations and now targeting a return on tangible equity approaching 10 percent in 2023, to exceed 11 percent in 2024 and to continue to grow thereafter,” Mr. Zulu said.
Mr. Zulu noted that the Bank has made significant strides in digital banking agenda.
“At Standard Chartered Bank Zambia, we have recorded tremendous successes in our digital bank which was launched in 2019. Today we remain the only bank in Zambia with the capability to open a bank account end to end digitally without the need to visit physical branch, “he stated.
Meanwhile, Mr. Zulu said there is need for the country to start producing more goods and services for export in order to boost the strength of the Zambian Kwacha against the United States Dollar.
