Standard Chartered named 'Investor of the Year'

 

HARARE - Standard Chartered Bank Zimbabwe (StanChart) has been named Investor of the Year by the Zimbabwe Investment Authority (Zia) as well as the winner in the financial services sector — banking category.

This comes as the Standard Chartered Plc subsidiary has been positively contributing to Zimbabwe’s economy through investment in its staff, community and
client-related initiatives.

StanChart’s chief executive, Ralph Watungwa, said his organisation’s sustainability approach to business ensures that it delivers benefits through its economic, environmental, governance and social contributions to the communities where it operates.

“This is fantastic news for us, including the board, management, staff and our clients,” he said.

“As we reflect on the bank’s journey in Zimbabwe for over 120 years, we are cognisant of the fact that Standard Chartered has remained a key ally in the country’s financial, economic and social development.

“Despite the challenging operating environment, the bank has remained fully committed to its business in the country and has continued to support and build the franchise,” he added.
Watungwa said StanChart was very proud to have won the accolade this year after being awarded Lifetime Investor in the financial services sector by Zia last year.

Zia recognised StanChart’s contribution in terms of value addition, job creation, investment made to the country, significance of business, supply chain strength, contribution to fiscus amongst other factors. Over the last century, the bank has been contributing to the economy through support of key sectors such as agriculture, trade, commodities and small to medium enterprises.

“Despite the turbulent operating environment, the bank has remained resilient and committed to its business in the country and continued to support and build its franchise and the financial sector at large,” Watungwa said.

StanChart, with a total branch network of 24 branches and 31 ATMs across the country, reported a profit of $1,2 million in the half year to June 2015, down from $8,1 million recorded in the prior year.

The bank’s net impairment charge was $2,8 million against a net recovery of $2,1 million posted in the six months to June 30, 2014 — reflecting the challenging operating environment.
In the period under review, the bank’s net interest income declined marginally to $12,3 million from $12,5 million registered in June 2014, while non-interest income also declined from $22,4 million last year to $20,4 million.

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