This follows an increase in after-tax profit for the year ended December 31, 2022 by 58 percent to K39 billion.

The profit was realized despite a difficult operating environment characterized by scarcity of foreign currency and fuel, rising inflation and intermittent electricity supply, said an official of the bank.

Speaking at an annual general meeting in Lilongwe, the bank’s outgoing Board Chairperson Dr. Ngeyi Kanyongolo said it managed to grow its balance sheet which in turn resulted in higher profitability when compared to the preceding year.

“Despite the challenges in the operating environment, the group performed better-than-expected as it managed to grow its balance sheet which in turn resulted in higher profitability when compared to prior year. It is our hope that with the leadership at the bank, it will continue to do better,” said Kanyongolo.

Standard Bank Chief Executive Officer Phillip Madinga said the bank will focus on retaining its customer base.

Madinga says the bank will continue serving Small and Medium Enterprises in accessing loans and help develop Malawi.

Dr. Kanyongolo alongside other board directors, Allan Chinula and Catherine Mtonda have retired having served the bank for 10 years and have been replaced by Christopher Kapanga, Christina Chithila and Maziko Sauti Phiri.