HARARE, Sept.1, 2025 (NewsDay Live) -Stanbic Bank Zimbabwe achieved a profit after tax of ZiG682.2 million for the half-year ended June 30, 2025, demonstrating robust growth and resilience in a challenging operating environment.
This is a significant increase from the ZiG27.1 million reported in the comparative period in 2024. The bank’s performance was underpinned by strong growth in both net interest income and non-funded income.
Stanbic Bank Zimbabwe chairman Muchakanakirwa Mkanganwi said the results for the first half of 2025 were hard-won amid demanding conditions.
“We are pleased to report a profit after tax of ZiG682.2 million, a testament to the resilience of our business model and the unwavering commitment of our management and staff.
Our capital position remains strong, with qualifying core capital of ZiG4.2 billion, significantly exceeding the regulatory requirement of about ZiG800 million. The growth was supported by a recovery in key sectors of the economy, including mining and agriculture, where we continue to play a pivotal role through strategic partnerships with our clients,” he said.
Stanbic Bank’s customer deposits grew by 37% to ZiG22.2 billion, reflecting an expansion of the customer base, support from external financiers, and the translation effect on foreign currency deposits.
Net interest income grew significantly to ZiG840.4 million, driven by a growth in the lending book to ZWG10.0 billion from ZiG8.4 billion in December 2024, largely denominated in foreign currency.
Stanbic Bank Zimbabwe chief executive officer Solomon Nyanhongo added that despite liquidity constraints in the market, the bank delivered a commendable performance.
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“We ended the period with a stronger balance sheet and continued to invest in digital innovations, such as our new IPAY platform for foreign payments and deposit-taking ATMs to enhance customer experience.
“Our focus remains on keeping our clients at the centre of everything we do, supporting key sectors vital to Zimbabwe's economic growth, and keeping the highest standards of governance and risk management. I am immensely proud of our team’s relentless effort in achieving these results,” he said.
“My heartfelt appreciation goes to our clients and stakeholders whose immense support and loyalty continues to fuel the bank’s success- Zimbabwe is our home, we drive her success,” said Nyanhongo.
The bank says it is committed to supporting the nation’s development and has maintained its commitment to sustainable development, with key initiatives in health, education and women’s empowerment.
It is also well-positioned with a robust capital base and a strong risk management framework to navigate the future and continue driving growth for its stakeholders.
Stanbic Bank Zimbabwe Limited is a member of the Standard Bank Group, Africa’s largest bank by assets with primary listing on the Johannesburg Stock Exchange (JSE). The bank offers a full range of financial services including corporate and investment banking, personal and private banking as well as business and commercial banking.
