We have extracted below the Chairman’s Statement from the 2018 annual report of Standard Bank Limited (STNBIC.mw), listed on Malawi Stock Exchange:
Headline inflation averaged 9.2% in 2018 supported by moderate increase in food prices and to an extent a stable exchange rate. The Kwacha lost some ground against the United States dollar in the second half of the year driven by strong demand for foreign exchange against a slowdown in supply as the tobacco auction drew to an end. Interest rates remained stable for the greater part, supported by a single digit inflation rate environment.
The Group’s 2018 performance was negatively impacted by contraction of the revenue base. The revenue contracted as a result of drop in interest rates as well as drop in investments in financial assets. This was due