Standard Chartered records $6.1 m profit

HARARE – Standard Chartered Bank of Zimbabwe Limited has recorded an after tax profit of US$6.1 million for the first half of 2016.

By Bornwell Matowa

In a statement accompanying the company’s financial results, Group Chairman, Samuel Rushwaya, attributed the significant uplift on the back of cost efficiencies attained in the first half of the year as the bank continues to innovate as well as improve its systems and processes.

“Considerable efforts have been made to contain loan impairment through closely monitoring our client’s business activities and assisting them with meeting their debt obligations,” he said.

Rushwaya also added that revenue momentum had however declined occasioned by the prevailing tough market conditions, but still remained confident the bank would meet the targeted capital of US$100 million by 31 December 2020.

Meanwhile, the bank, in its sustainability approach to business, will ensure that it delivers value through its economic, environmental, governance and social contributions to the communities where it operates.

Going forward, adds Rushwaya, the bank seeks to achieve leadership on the digital front whilst working with industry players in promoting the use of electronic money for the convenience of its clients.

The bank also seeks to raise the bar in the industry on Financial crime compliance as they believe that building a strong compliance culture will not only protect its clients in the short term, but will also benefit the industry’s operating environment.

Standard Chartered Bank has also committed themselves to the growth and development of the African Continent as they announced the launch of ‘Here for Africa’ campaign. -263chat

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