Standard Bank profits reach 1,578 thousand million meticais in 2014
Last year, Standard Bank achieved net profits of 1,578 thousand million meticais, corresponding to a remarkable increase of 27 per cent compared to the preceding year, in which profits of 1,246 thousand million meticais were achieved.
In this same year, the loan portfolio also increased significantly, by 21 per cent, having reached 22.9 thousand million meticais, compared to 18.9 thousand million meticais in 2013.
In spite of the growth of the loan portfolio, impairment fell by 40 per cent, the year having closed with a loan loss ratio of only 0.84 per cent, clearly evidencing the improvement in the Bank's loan portfolio risk profile.
On the other hand, the Bank's costs increased 17 per cent compared to 2013, as a result of the investments made by this banking institution to strengthen its competitive position and gain critical mass.
In this context, major investments were made in products and distribution channels, internal processes, enhancement of our employees’ skills and retention of talent, as well as in staff numbers to address future growth opportunities.
For Standard Bank's Managing Director, Chuma Nwokocha, the Bank's outstanding financial performance in 2014 results from the strong performance of product lines in all business units.
Diversification of income, as already mentioned, has been one of the Bank's major concerns, having developed sizeable projects with a view to increasing its branch network, ATMs and POS terminals; achieving greater penetration of new products and a strong performance in bancassurance; and, further, introducing new functions in mobile banking, in addition to strengthening the Bank's reputation, with the campaign celebrating 120 years of operation in Mozambique.
Standard Bank's vision for the coming years is to strengthen its already sound reputation as a reputable and preferred bank, irreproachable in terms of customer service, as well as ethics and professionalism in the conduct of its business. To this end, the Bank will continue to finance the economy and make a difference for each Mozambican by implementing social projects in the communities in which it operates.