Stanbic Bank named overall best-performing bank in 2024

Business Reporter

Stanbic Bank Zimbabwe has been named the overall best-performing bank at the Banks and Banking Survey Awards 2024 sponsored by First Capital Bank.
Stanbic Bank has won the award for the second year running, cementing its place as the leading financial services institution in Zimbabwe.
The adjudicators of the survey said Stanbic Bank’s achievement is anchored on the institution’s strong digital footprint, cost discipline, efficient lending and brand positioning.
“The bank managed to surpass other financial institutions in key deliverables, namely profitability, efficiency, cash flows and shareholder value creation,” said the adjudicators.
They commended the Standard Bank Group subsidiary for managing a healthy interest income underpinned by an uplift in the average lending book which jumped by a significant margin, reflecting a heightened appetite for foreign currency funding.
Stanbic Bank commands a huge market share in foreign currency-denominated transactions owing to its brand profiling.
“Foreign shareholders’ support has ensured favourable credit terms, thereby creating compelling customer demand and reference,” noted the adjudicators.
Stanbic Bank registered an inflation-adjusted profit of $743 billion for the year ended 31 December 2023 and this performance contributed significantly to the institution leading the banking pack.
The institution’s net interest income closed the period at $423 billion on a net lending book of $1,9 trillion.
Last week, Stanbic Bank Zimbabwe chief executive Mr Solomon Nyanhongo landed the Overall Chief Executive Officer of the Year Award as well as the Banking Sector CEO of the Year Award at the prestigious annual CEO Round Table Awards.
Mr Nyanhongo was awarded for guiding Stanbic Bank to greater heights in its business performance.
Over the years, Stanbic Bank has been recognised for its sterling performance. It has scooped awards such as the EMEA Finance African Banking Awards, Best Bank in Zimbabwe (2021, 2020, 2018, 2017 and 2015), Best Investment Bank in Zimbabwe (2015) and Global Investor Group Subsidiary-Custody Survey winner in Zimbabwe(2018).