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%.
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.
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