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 financial year ended 31 December 2019 is approximately 95% lower than for the financial year ended 31 December 2018.
The movement in profitability is primarily attributed to the Bank’s total income remaining flat year on year on the back of the strategy taken to preserve the portfolio and slow down on growth as a result of the macro economic environment. This was compounded by an increase in the Bank’s impairment on financial instruments mainly driven by investment securities and loans and advances, increase in operating costs mainly attributable to Kwacha depreciation, depreciation expenses on account of IFRS 16 adoption and redundacy expenses.
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 financial year ended 31 December 2019 to be released on SENS and published in the local press on or about Friday 6 March 2020. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.
By Order of the Board