BLANTYRE-(MaraviPost)-Standard Bank Plc injected over MK320 billion directly into the Malawi economy with taxes to government, agriculture and infrastructure projects competing for the lion’s share of the funding, Chief Executive Phillip Madinga said on Wednesday.
Addressing the bank’s investors on performance for the financial year ended December 31, 2024 Madinga said Standard Bank’s contributions underscore its core purpose of driving national growth.
“At Standard Bank we aim be “more than a bank. Hence, our unwavering support and commitment to drive Malawi’s growth.
“We do so by making a positive impact on societies in which we operate, the economy and the environment,” he said.
From the overall contribution of MK320 billion, the lion’s financing share was claimed by investment facilities in agriculture at MK96 billion, taxes to government at MK78 billion, infrastructure development facilities totaling at MK47 billion followed by the manufacturing sector at MK46 billion.
“Standard Bank continues to take lead in the market in providing sustainable financing facilities and and partnering with clients to create shared value. We are proactively managing environmental, social, and governance (ESG) risks associated with our operations and those of our clients,” he added.
Some of the investment went to climate change-geared financing for agriculture, sustainable energy financing for gas, renewable irrigation, employee development, SME development through Phuka, and deliberate financial inclusion programs.
Madinga said during the FY24, Standard Bank Plc withstood economic turbulence to record a net profit of MK86.4 billion in 2024 up from MK52.5 billion, an increase by 64 percent.
“The group demonstrated remarkable resilience and experienced growth despite the challenging economic environment characterised by high inflation and disparities in the supply and demand for foreign currency,” he said.