Standard Chartered Bank Zambia Plc Reports 76% YOY Profit Growth Driven by Increased Interest Income and Impairment Recovery

Published On: September 7, 2023Company: Standard Chartered Bank Zambia Plc (
What were the key drivers attributed to the bank's impressive profit growth?
The key drivers of the bank's profit growth were an increase in revenue from interest income from other banks and financial institutions, and growth in the loans and advances sector. Furthermore, there was significant increase in net trading income as well as record of impairment recovery. However, the growth was partially offset by a decrease in non-funded income and a rise in operating expenses.


  • Standard Chartered Bank Zambia PLC has released its interim report for Q2 2023 in compliance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements.
  • The Bank’s earnings per share increased to K0.18 for the period ending 30 June 2023, compared to K0.10 for the same period in 2022.
  • The profit after tax grew by 76% YOY due to increased revenue from interest income from banks, financial institutions, and growth in loans and advances
  • Non-Funded Income saw a decrease of 27% YOY due to a drop in commission fees and increased fee charges paid by the bank.
  • Net trading income rose 46% thanks to realized and unrealized trading gains on derivatives and FX trading.
  • The bank recorded an impairment recovery of ZMW 131m, primarily attributed to Expected Credit Losses (ECL) recovery on government securities.
  • Operating expenses rose by 15% driven by an increased 17% in staff costs in line with inflation.
  • The bank exhibited a 6% Balance Sheet growth YOY, but faced a 29% decrease in Investment securities due to a strategy to invest in short term securities.
  • The Bank’s results for the six-month period ended 30 June 2023 are expected to be released on 7 September 2023.

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About Standard Chartered Bank Zambia Plc (

Standard Chartered Bank Zambia Plc is a leading name in the financial services sector in Zambia. It offers a wide range of services and products, including savings and current accounts, loans, credit cards and treasury services. Standard Chartered Bank Zambia Plc is listed on the Lusaka Securities Exchange

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