STANBIC Bank Zimbabwe recorded increased volumes of foreign currency-denominated transactions during the year ended December 31, 2023 as business operations shifted significantly from local to foreign currency.
With the rapid depreciation of the Zim dollar against the US dollar, most business operations lean toward the use of foreign currency.
Stanbic’s profit for the year ended December 31, 2023 increased by 210 percent to $744 billion, exceeding the comparative period profit for the year of $240 billion in inflation-adjusted terms.
Net interest income closed the period at $429 billion, exceeding the prior period’s income of $299 billion by 44 percent largely spurred by the increased demand for both foreign currency and local currency funding by customers.