Standard Bank dates investors, outlines future strategic goals
Standard Bank plc held an investor forum in Lilongwe yesterday where it outlined its strategic goals that will anchor the bank going forward.
During the same forum, the Malawi Stock Exchange-listed bank unveiled its financial results, which showed that after-tax profit increased to K52.5 billion in the year ended December 31 2023 from the previous year’s K39.2 billion.
Addressing the investors, the bank’s chief executive Phillip Madinga told shareholders and investors the next strategic goals.
“We have refined our impact areas to better reflect alignment to our strategy and we will focus on enterprise growth and job creation, infrastructure development and the energy transition, climate resilience and financial inclusion,” he said.
Madinga said the bank has ensured a clearer link to the United Nations Sustainable Development Goals and targets.
However, he said the bank, which sees the economy stabilising, will not compromise on risk management and promised investors that they will get decent returns.
Madinga also said the bank will continue to get involved in the strategic national projects, citing their involvement in the ongoing modernisation of Lilongwe City roads which saw the bank giving out K20 billion loan to government for the project.
He said the bank is looking forward to more of such deals in other sectors such as energy.
On the bank’s position on possibility to structure domestic debt and how it would impact on the bank, Standard B ank plc chief financial and value management officer John Mhone said given the indications from government, there will not be such a move to avoid a scenario in Ghana where the financial sector suffered credit crunch.
However, he said government’s move to impose a 10 percent corporate tax on businesses that make more than K10 billion profit cost the bank’s shareholders about K12 billion in return on equity.
On his part, the bank’s head of business and commercial clients Graham Chipande said: “There will not be domestic debt restructuring.
“At least, there is that assurance from government and we believe it’s coming in good faith
