Chief Executive Phillip Madinga
* Through taxes to government, agriculture and infrastructure projects — competing for the lion’s share of the funding
* The bank will also invest about US$100 million into the tobacco sector this year to promote manufacturing exports and help invigorate forex generation
By Duncan Mlanjira
Standard Bank Plc has announced that it has injected over MK320 billion directly into the Malawi economy through taxes to government, agriculture and infrastructure projects — competing for the lion’s share of the funding.
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Chief Executive, Phillip Madinga announced this today, March 19 during the bank’s Investors Day on the performance for the financial year ended December 31, 2024, adding that it will “also invest about US$100 million into the tobacco sector this year to promote manufacturing exports and help invigorate forex generation”.
Madinga said Standard Bank’s contributions underscore its core purpose of driving national growth, saying: “At Standard Bank, we aim be ‘more than a bank’ — hence, our unwavering support and commitment to drive Malawi’s growth.
“We do so by making a positive impact on societies in which we operate, the economy and the environment,” he said.
He unveiled that from the over MK320 billion, the lion’s financing share was claimed by investment facilities in agriculture at MK96 billion, taxes to government at MK78 billion, infrastructure development facilities totaling at MK47 billion — followed by the manufacturing sector at MK46 billion.
“Standard Bank continues to take lead in the market in providing sustainable financing facilities and and partnering with clients to create shared value.
“We are proactively managing environmental, social, and governance (ESG) risks associated with our operations and those of our clients,” he said.
Some of the investment went to climate change-geared financing for agriculture, sustainable energy financing for gas, renewable irrigation, employee development, SME development through Phuka, and deliberate financial inclusion programs.
Madinga said during the FY24, Standard Bank Plc withstood economic turbulence to record a net profit of MK86.4 billion in 2024 up from MK52.5 billion, an increase by 64%.
“The group demonstrated remarkable resilience and experienced growth despite the challenging economic environment characterised by high inflation and disparities in the supply and demand for foreign currency,” he said.
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