Best bank: Standard Bank
Standard Bank successfully implemented innovative digital products across all banking segments in 2023 while also making important philanthropic contributions in Malawi.
Total assets reached MK1,113 billion ($642 million), a 34.14% year-on-year increase. Profit before tax grew to MK105.7 billion, a 76% rise, and revenue grew by 34%. Return on equity was 27%.
AfE 2024
Electronic transactions across its corporate, commercial and personal/private banking segments increased by 24%, 37% and 7% respectively. The bank has introduced digital lending across its retail and commercial banking operations and in personal banking these accounted for 37% of all loans. One hundred and four electronic disbursements worth MK918 million were made to the bank’s commercial banking customers.
Other product launches included cash deposit machines and payment solutions such as bank to wallet migration and ISO 20022 cross-border payments.
The bank’s social responsibility efforts were predominantly concentrated on healthcare, education and youth empowerment.