In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of
Directors of Standard Chartered Bank Zambia PLC (“the Bank”) hereby advises the Shareholders of the Company that the Earnings per Share for the twelve-month period ended 31 December 2021 is K0.21 compared to negative earnings per share of (K0.03) for the twelve-month period ended 31 December 2020.
The 2021 profit after tax is primarily attributed to a 14% increase in revenue on account of rise in net interest income which grew by 10%. This was on the back of a reduction in interest expense due to the reduction in expensive deposits. Non funded income equally grew by 20% year on year due to increased custody business activities which are the main drivers of this growth. The Bank further recorded an impairment recovery of ZMW 202m compared to a charge of ZMW 293m during the same period last year. This ECL recovery was mainly due to the good performance of the loan book, and this was allocated as follows; Expected credit losses on loan and advances (ECL) of ZMW183m, ECL recovery on government securities and other off balance sheet financial instruments of ZMW 14m and Specific loan impairment on loans and advances of ZMW5m. Operating expenses remained flat year on year due to the Bank’s prudent cost management measures.
Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors of the Bank.
The Bank expects its results for the twelve-month period ended 31 December 2021 to be released on
SENS and published in the local press on or about Friday, 11 March 2022. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.
By Order of the Board
Rose Kavimba
Company Secretary
Issued in Lusaka, Zambia on 10 March 2022