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 year ended 31st December 2022 is K0.15 compared to earnings per share of K0.21 for the year ended 31 December 2021.
The 2022 profit after tax decreased by 31% year on year primarily attributed to a decrease in revenue on account of a drop in interest income from investment securities which were impacted by declining Treasury bill rates. This was negated by a 79% growth on net fee and commission income driven by financial markets products coupled with increased custody business activities. The Bank further recorded an impairment release of ZMW 10m compared to a release of ZMW 202m in 2021.
Operating expenses have declined by 8% following continued cost efficiency measures being put in place by the bank.
The Bank recorded a Balance Sheet growth of 16% year on year from ZMW 13.2b to ZMW 15.4b. Customer deposits grew by 17% while Loans and advances remained flat year on year.
The Bank expects its results for the year ended 31st December 2022 to be released on SENS and published in the local press on or about Thursday, 9 March 2022. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.