By Chisomo Phiri
One of the country’s top financial institutions, Standard Bank Plc, has announced an impressive after-tax profit of K42.4 billion for the first half of 2024, marking a significant 57% increase. The bank’s head of personal and private banking, Charity Mughogho, shared this exciting news during an investor briefing in Lilongwe on Monday morning.
Mughogho attributed the remarkable achievement to the innovative solutions the bank has introduced to its customers, which have been a key driver of the high returns.
She also acknowledged that the forex shortage remains a challenge, despite the recent influx of tobacco market revenues.
Nevertheless, Mughogho highlighted that the import cover has improved substantially, now standing at around 2.3 months.
Standard Bank Plc, previously known as the Commercial Bank of Malawi, was registered as a commercial bank on March 15, 1969.
The bank’s start-up share capital was K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%).
Its first branch was opened in Limbe on 11 April 1970.
