Standard Bank Malawi says it sees its profit for the first six months of 2016 jumping by over 25 percent.
This is despite the continued tough operating environment that the economy has continued to sail through in the first five months of the year.
During the first half of last year, the bank posted an after-tax profit of K6.734 billion. A 25 percent profit jump could see the bank’s first half after-tax profits hovering above K8.417 billion. In an update to its shareholders, Standard Bank Company Secretary, Etnes Chanza, said the bank anticipates that its profits will differ by over 20 percent from those reported in the last financial period.
“In terms of the listing requirements of the Malawi Stock Exchange Limited, companies are to publish a trading statement as soon as there is a reasonable degree of certainty that the financial results for the period to be reported upon next will differ by at least 20 percent from the financial results for the previous corresponding period.
“Standard Bank Limited accordingly advises that the forecast profit after-tax for the six months period ending June 30, 2016 will likely be 25 percent above the previous corresponding period,” reads the update in part.
She further said the information on which the trading statement is based has not been reviewed or audited by the bank’s auditors.
“The summarised financial results of the bank for the six months ending June 30, 2016 will be published in the press in August 2016,” said Chanza.
In its 2015 financial performance report, the bank’s directors said it would endeavor to deliver superior customer experience and focus its resources on the segments and sectors that drive growth of the economy.
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