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 six-month period ended 30 June 2022 is K0.10 compared to earnings per share of K0.13 for the six-month period ended 30 June 2021.
“The 2022 profit after tax decreased by 25% year on year primarily attributed to a decrease in revenue on account of a drop in interest income from investment securities impacted by declining Government Security rates. Non-Funded Income also declined due to a drop in transaction volumes. The Bank further recorded an impairment recovery of ZMW 30m compared to a recovery of ZMW 158m in 2021. Prior year included Expected Credit Loss (ECL) recovery on government securities and other off balance sheet financial instruments of ZMW 97m in comparison to only ZMW6m recovery in 2022,” the company announced through a statement issued on 27 September, 2022.
Operating expenses have grown slightly by 10% as compared to a 25% growth in 2021 following cost efficiency measures being put in place by the bank.
The Bank recorded a Balance Sheet decline of 10% year on year from ZMW 14.8b to ZMW 13.4b. Loans and advances reduced by 13% year on year and Customer Deposits declined by 12% year on year.
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 six-month period ended 30 June 2022 to be released on SENS and published in the local press on or about Wednesday, 28 September 2022. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.
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