STANCHART IN RECORD HIGH REVENUE THANKS TO DIGITAL STRATEGY

THE digital strategy has driven Standard Chartered Bank’s financial performance for 2023 to one of its highest revenues ever recorded of K1.521 billion, the largest growth attained since 2013.

According to the Standard Chartered Bank Zambia Chief Executive Officer, Mr Sonny Zulu, revenue attained in 2023 was up from K1.195 billion recorded in 2022.

Mr Zulu said the bank’s profit after tax also saw an uptick to K615 million in 2023, compared to K245 million in the previous year.

“Our revenue in Zambia surged to K1.521 billion in 2023 from K1.195 billion in 2022, representing a substantial increase of K326 million.

“The bank’s profit after tax also saw a remarkable uptick to K615 million in 2023, compared to K245 million in the previous year, demonstrating a significant leap in financial performance,” he said at the CEO’s briefing in Lusaka yesterday.

On the Return on Tangible Equity (RoTE) at the country level, Mr Zulu said it stood at 14.3 percent, demonstrating the Bank’s strong financial health and strategic execution.

He attributed the investment in the digital strategy as one of the key contributors of the positive performance, saying “the digital strategy has been working well for us.”

He outlined that the bank had recorded a 74 percent digital adoption, with 85 percent of all requests being processed digitally.

Mr Zulu said 72 percent of all financial transactions were posted digitally with a 100 percent onboarding going through the digital platform.

At the Group level, Mr Zulu said the bank achieved remarkable progress, with operating profit increasing by 27 percent compared to the previous year, reaching US$5.7 billion.

Additionally, he said, income showed a robust growth of 13 percent, a testament to the bank’s sound business strategies.