A financial statement by Standard Bank plc has announced a K23.7 billion increase in after-tax profit, translating into a  50% profit for the year ended December 31 2020.

Co-signed by Standard Bank Chief Executive Philip Madinga and Board Chairperson Ngeyi Kanyongolo, attributed the profit to growth in net interest income as a result of growth in deposits and its investments and loan book.

On the other hand, despite achieving the profit amidst the pandemic, the bank has acknowledged the negative impact caused by the pandemic. Part of the statement reads “The negative economic effects of the Covid pandemic will likely continue in 2021. Currency pressures are expected to continue largely driven by weak foreign currency inflows which can be partly attributed to the ongoing pandemic,”

Moving forward, the bank aims to focus on digitisation in order to improve customer experience, as well as operational cost management.