Stanbic Bank named best bank in Zim
STAFF WRITER
Leading financial services institution, Stanbic Bank Zimbabwe, has been named the best bank in Zimbabwe at the Old Mutual Zimbabwe sponsored Top Companies Survey Awards 2024 ceremony.
The Top Companies Awards reward companies that demonstrated tangible growth in business volumes and generated positive, sustained net cashflows, confirming a return to fundamental business metrics as the primary measure of excellence.
In naming Stanbic the top Bank, the chairman of the judges committee, Prosper Tafadzwa Matiashe said the adjudicators noted that the Standard Bank Group subsidiary stood head and shoulders over the rest on its credit quality; hedging strategy; deposit and liquidity management; and digital banking and efficiency.
“The key criteria for assessing banks were recalibrated to the stability-driven environment such as Credit Quality: The paramount importance of a clean loan book with minimal non-performing loans (NPLs),” said Matiashe.
He said the committee noted that Stanbic Bank excelled on its Hedging Strategy Recalibration.
“We assessed the level of hedging against the ability to generate operating cashflows. The winning banks demonstrated agility in recalibrating operations,” he said.
On Deposit and Liquidity Management, the committee noted that Stanbic Bank was successful in attracting deposits from liquid clients and deploying that liquidity at competitive interest rates, demonstrating superior liability and asset management.
Stanbic Bank was also rewarded for its Digital Banking and Efficiency, anchored on its robust leveraging of digital platforms to drive operational efficiency and deliver seamless customer experience.
The committee noted that strong performers are characterised by robust exposure to real USD incomes; superior distribution channels ensuring market penetration; and lean and efficient operations that protect margins against cost pressures.
“The 2024 Awards reflect a corporate landscape that is becoming more disciplined, operationally focused, and transparent. We celebrate the resilience and strategic agility of the Zimbabwean corporate sector in adapting to these momentous economic shifts,” said Matiashe.