Stanbic delivers strong H1 results
STAFF WRITER
Stanbic Bank Zimbabwe has posted a commendable set of results for the half-year to June 2026, underpinned by a profit after tax of ZWG858.4m, representing a growth of 26% from ZWG682.2m achieved in the comparative period.
In a statement accompanying the results, Stanbic Bank Chairman, Muchakanakirwa Mkanganwi said the improvement in the Bank’s performance was largely spurred by the commendable growth in net interest income which was partially offset by the reduction in fee and commission income following the downward review of bank charges and transaction fees in line with the Reserve Bank of Zimbabwe directive which was issued in March 2026.
“The bank ended the six months period with qualifying core capital of ZWG4.5bn (2025: ZWG4.3bn) which is equivalent to US$168.7m against the regulatory minimum in the local currency equivalent of US$30m. The Board and management continue to monitor the environment, implementing the necessary measures in preserving the Bank’s capital,” Mkanganwi said.
Stanbic Bank Chief Executive (CE), Solomon Nyanhongo reiterated that the growth was primarily driven by the 33% increase in net interest income to ZWG1.1bn combined with the reduction in operating expenses, despite being offset by the decline in non-funded income.
Nyanhongo said the 33% increase in net interest income was largely underpinned by the strong growth in interest earning assets.
He said net loans and advances to customers increased by 16% from ZWG13.2bn as at December 31 2025 to ZWG15.3bn as at June 30 2026 reinforced by new lending assets which were written during the period.
“The Bank’s financial investments ended the period at ZWG1.1bn representing a 22% growth from ZWG865m in the prior period. The Bank’s non-funded income had declined by 12% from ZWG1.5 billion in the comparative period to ZWG1.3 billion as at the end of June 2026,” he said.
Nyanhongo said the reduction in non-funded income followed the implementation of the regulatory directive on bank charges and transaction fees with effect from 1 April 2026 which resulted in subdued fee and commission income.
In addition, the lower tobacco selling prices prevailing during the period had an adverse impact on the Bank’s fee and commission income.
He said Stanbic’s total operating expenses decreased by 13.6% from ZWG1.3bn in the comparative period to ZWG1.1bn for the six months ended 30 June 2026 mainly attributable to the continued focus on cost optimisation and operational efficiencies.
Stanbic’s customer deposits increased by 35% to ZWG 28.2bn as at June 30 2026 from ZWG20.9 billion as at the end of December 2025.
“This strong growth reflects the Bank’s success in deepening customer relationships, expanding its transactional banking franchise and attracting quality funding from both retail and corporate customers,” he said.
Nyanhongo noted that Zimbabwe’s operating environment during the first half of 2026 was marked by continued macroeconomic stability, supported by low inflation, exchange rate stability and disciplined monetary policy implementation.
He said in the first half of 2026, Stanbic Bank Zimbabwe continued to demonstrate its commitment to inclusive growth and sustainable development through impactful Corporate Social Investment (CSI) initiatives across the key pillars of health, education, and the environment.
“The Bank partnered with various stakeholders to deliver meaningful change to communities nationwide. In the health sector, Stanbic Bank supported the Albino Charity Organisation of Zimbabwe (ALCOZ) and the Friends of Albinism Collective in commemorating Albinism Awareness Day, promoting inclusion and raising awareness for people living with albinism. The Bank also assisted 170 cancer patients through the Cancer Association of Zimbabwe, helping to ensure access to essential treatment and care,” he said.
Education remains a central focus of Stanbic Bank’s CSI programme and the institution has a bursary programme, partnerships with Chinhoyi University of Technology and the National University of Science and Technology.
“Through these initiatives, Stanbic Bank Zimbabwe reaffirms its purpose: “Zimbabwe is our home, we drive her growth.” By investing in health, education, and the environment, the Bank ensures that its success translates into meaningful social impact, contributing to a more inclusive and sustainable future for all,” Nyanhongo said.
He applauded the commitment and work ethic of all Stanbic staff because at the heart of the institution’s purpose—Zimbabwe is our home, and we drive its growth—are its people.
Nyanhongo said during a first half marked by both market transformation and economic growth, the Bank’s teams remained the driving force behind its resilience and consistent performance.
“Through strong commitment, adaptability, and disciplined execution, the staff enabled the Bank to achieve its financial objectives and navigate change with confidence,” Nyanhongo said.
He also emphasized that Stanbic Bank’s strong commitment to its valued customers meant that they were at the centre of its strategy, ensuring that its products, partnerships, and initiatives are designed to support their growth and success.