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Standard Bank registers K52.5 billion profit after tax

Public-listed Standard Bank Malawi has registered K52.5 billion profit after tax for the year ended December 2023, a 34 percent increase from K39.2 billion realized in 2022.

This was revealed during the financial institution’s Annual General Meeting in Blantyre today.

Board Chairperson for the bank, Christopher Kapanga attributed the profit rise to strategies of resilience that have made to withstand shocks.

Standard Bank Malawi Chief Executive Phillip Madinga said they have made strides in collaborating with the government to better the lives of Malawians.

During the AGM, shareholders approved a total dividend payment of K25.4 billion representing K108.24 per share for the year in review.

The bank is also celebrating 55 years of what it calls ‘years of driving Malawi’s Growth’.

By Mercy Zamawa

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