standard chartered bank zambia plc commits 5billion kwacha towards the rebassing process ------as its profit grows to 61percent representing 104.9billion kwacha

Standard chartered bank Zambia plc has committed about 5billion kwacha towards the rebassing of the kwacha a process which has been embarked upon by the central bank of bank.

Standard chartered bank Zambia plc managing director mizinga melu says the 5billion kwacha which has been committed towards rebassing will be used by the bank to upgrade its banks equipment and infrastructure.

Ms melu says this will also be used for training of staff and non staff members in order to achieve the much desired results of the rebasing process and the bank of Zambia.

Meanwhile the bank’s net profit has grown by 61percent and currently stands at 104.9billion kwacha with its loan and advances growing at 58percent and stands at 1,936.5billion kwacha.

And ms melu has disclosed that the banks deposits has grown by 6percent and currently stands at 3,717 billion kwacha with the balance sheet growing at 4percent and currently stands at 4,912billion kwacha.

Ms melu says the bank has been able to record significant growth due to the good economic policies both at macro and micro level which are in place.

She further says as the minister of finance announces the budget this Friday, thank would like to see more funding to go towards the agriculture sector to continue with the positive performance which has been seen over the past couple of years.

Ms Melu says this will continue to result in improved food security at the household level and contribute to the growth of the gross domestic product and drive more people out of poverty.

She says Zambia’s economic sector look bright with the fact that the construction and mining sectors also continues to grow and perform well with the fact that copper prices currently stands about $8,185per tone.

On the euro bond the bank through its chief executive officer ms melu, has pointed out that the success will pave way for the success of similar future issuances by the country and will be a cheaper long term financing avenue for the government.

She has stated that infrastructure investment, especially in the energy and transport sectors is cardinal to the development of Zambia as it will lead to a reduction in the cost of doing business in the long run.