Africa-Press – Malawi. Standard Bank Malawi plc shareholders Thursday approved a final dividend of K12 billion, representing K51.14 per share. The final dividend has brought the total dividend given by the bank in 2022 to K20 billion, or K85.23 per share, having already paid a first interim dividend of K5 billion in June last year and second dividend of K3 billion in January this year.
In 2022, the bank recorded an after-tax profit of K39.2 billion, which was 58 percent higher than that recorded in 2021. Outgoing chairperson Ngeyi Kanyongolo said total revenue grew by 40 percent year-on-year, driven by growth in both net interest income and non-interest revenue.
She added that net interest income grew by 49 percent year-on-year, driven by an increase in loans and advances to customers and financial investments, which both grew by 14 percent and 99 percent year-on-year, respectively.
Kanyongolo said the growth in interest earning assets was a result of growth in deposits from customers, which also grew by 48 percent year-on-year. “Non-interest revenue grew by 28 percent year-on-year. Notwithstanding restrictions imposed on annual tariff revision, net fees and commissions grew by 15 percent year-on-year, driven by the increase in transaction volumes.
“Trading revenue grew by 35 percent year-on-year anchored by an increase in trading volumes,” she said.
Standard Bank plc Chief Executive Philip Madinga said the bank remains committed to supporting the government in its growth agenda towards 2063. “We see Malawi as our home and we want to contribute to her growth,” Madinga said.
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