The listed Standard Chartered Bank Zambia Plc has advised shareholders that it expects an improvement in earnings, compared to the same period last year, when it reports its half year results for 2021, according to a statement from the Bank.
“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 2021 is K0.13 compared to negative earnings per share of (K0.14) for the six-month period ended 30 June 2020”, read a statement issued by Company Secretary Rose Kavimba on Friday, September 24, 2021.
The bank has recorded improvement in revenue from interest income. “The 2021 profit after tax of ZMW 223m is primarily attributed to a 4% increase in revenue on account of an increase in interest income from investment securities which grew by 43% year on year coupled with a reduction in interest expense on deposits which dropped by 23% year on year”.
However, its gains have also been impacted by impairments which were corrected by gains in operations. “The Bank recorded a release on impairment of ZMW 157m in comparison to a charge of ZMW 434m for the same period last year. The above was negated by an increase in operating expenses of 23% year on year amounting to ZMW 424m”.
“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 2021 to be released on SENS and published in the local press on or about 27 September 2021. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results”.
