According to quarterly financial statement released as at 30 September 2019, Zambia’s largest bank by asset size Stanbic Bank (SBZ) has led the third quarter earnings sprint with a K120million widened gap with its rivals. SBZs after tax YTD earnings headlined K322.3 million (107% growth from K155.9 million a year ago while QoQ profitability grew 134% to K156.2 million). The banks PAT for the third quarter almost equated it’s 1H:19 earnings.
Read also: Stanbic Zambia leads H1 earnings scoreboard
The blue banks stellar performance was supported by significant credit impairment write backs in the quarter backed by bullish performance in both the interest and non interest income lines despite operating in a tough economic environment.
Our analysts forecast that with this momentum Stanbic will make history when it crosses the K400 million (PAT) psycho-profitability mark which no bank in Africa’s red metal hotspot has ever achieved. The highest full year earnings after tax the Zambian market has witnessed was in 2016 when Standard Chartered headlined K361 million.
SBZ’s balance sheet expanded 10% to K14.9 billion maintaining its top position as Zambia’s largest bank by asset size.
Other PATs rallying behind Stanbic include Barclays (K199 million), Standard Chartered Bank (K183 million), Zanaco Bank (K175 million), Bank of China (K155 million) and Indo Zambia Bank (K127 million) in the top 5.
The Kwacha Arbitrageur
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