Stanbic voted best African bank

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Stanbic Bank

BY BUSINESS REPORTER
STANBIC Bank’s parent company, Standard Bank Group, has emerged as the best bank in Africa in Global Finance World’s Best Banks 2022 awards for the second year running.

The bank was also named best bank in Malawi and South Africa.

“Receiving the highest recognition on the continent from an authoritative institution such as Global Finance is a great honour and an affirmation of the hard work that each of our colleagues across the continent contributes daily,” said Sim Tshabalala, chief executive of Standard Bank Group.

Standard Bank was recognised for its strong business performance, driven by underlying economic recovery in its countries of operation, as well as innovation in its client positioning and key transactions driving its expanding platform strategy.

In 2021, the group outlined its 2025 ambition of being a platform business through a new operating structure, including plans to “transform client experience”.

By building from a solid foundation in traditional financial services, the group seeks to meet its clients on the digital platforms where they are shopping, socialising and doing business.

Global Finance winning selections were made by the publication’s editors in consultation with corporate financial executives, bankers and banking consultants and analysts.

In selecting these top banks, Global Finance considered factors ranging from the quantitative objective to the informed subjective

“We are aiming to build 10 ‘ecosystems’ adjacent to traditional financial services where we can add more value to our clients’ personal and business lives — for example, by providing home services, by connecting small traders to suppliers, by linking suppliers and consumers of renewable energy, and by helping Africa’s exporters to access international markets,” Tshabalala said.

“As we continue to build these capabilities, we will stay close to the evolving needs of our clients across Africa to ensure that we deliver relevant and impactful solutions that drive inclusive and sustainable growth.”

In Zimbabwe, Stanbic Bank shrugged off the adverse effects of COVID-19 to post an inflation-adjusted profit after tax of $5,2 billion for the year ended December 31, 2021, up 185% from $1,8 billion in the prior year.

Inflation-adjusted net interest income surged 206% from $2,7 billion in 2020 to $8,1 billion, underpinned by improved growth in average interest earning assets.

The bank recorded a 72% increase in net fee and commission income, which grew from $4,2 billion in 2020 to $7,3 billion.

Inflation-adjusted operating expenses grew 3% from $8,6 billion in 2020 to $8,9 billion during the review period, driven by once-off costs which were incurred as the bank completed its staff optimisation programme.

Stanbic chairman Gregory Sebborn said the bank ended the year with a core capital of $11,3 billion, up from $3,8 billion in 2020.

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