Standard Bank Plc has announced a significant increase in its after-tax profit for the first half of 2024, with a 57% rise to K42.4 billion.
The bank’s Head of Personal and Private Banking, Charity Mughogho, made the announcement during an investor briefing held via Zoom on Monday.
Mughogho attributed the increase to the bank’s customer-centric solutions, which have been a key driver of the high returns.
However, she also acknowledged that the forex shortage remains a challenge, despite recent tobacco market inflows.
Nevertheless, she noted that the import cover has improved to around 2.3%.
The briefing was part of an investor conference hosted by the bank, where the bank’s half-year performance and financial report were presented to shareholders and market analysts.
Standard Bank Plc, a subsidiary of the Standard Bank Group, has 27 branches and over 700 employees in Malawi.
