Malawi Stock Exchange (MSE) listed Standard Bank has posted a 15 percent decrease in profits from MK9.63 million in the first half of last year to MK8.1 million in the first half of 2017.
The development is attributed to the 22 percent increase in operating costs due to general increase in prices of goods and services.
In a published audited report, the Bank representatives point out that due to a challenging operating environment characterised by high interest rates, credit impairments were significantly higher than the same period last year.
Standard Bank continues to focus on robust credit risk management to avert future non-performing loans and places emphasis on recoveries of written off loans.
Despite the decrease in profits, the reports indicate that the Bank, registered strong performance in the first half emanating from a strong asset base and effective balance sheet management.
The Standard Bank of Malawi (previously known as the Commercial Bank of Malawi) is a national bank in Malawi.
The bank registered as a commercial bank on 15 March 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%). The first branch was opened in Limbe on 11 April 1970.
In June 1998, the company's stock was listed on the Malawi Stock Exchange after a successful IPO.