Stanbic named best bank in 2024

STAFF WRITER Stanbic Bank Zimbabwe has been named the overall best performing bank at the Banks and Banking Survey Awards 2024 sponsored by First Capital Bank. Stanbic Bank has now won the overall best performing bank for the second year in a row, cementing its place as the leading financial services institution in Zimbabwe. The adjudicators of the Banks and Banking Survey said Stanbic Bank’s victory was anchored on the institution’s strong digital footprint, cost discipline, efficient lending and brand positioning. “The bank managed to surpass other financial institutions in key deliverables namely profitability, efficiency, cash flows and shareholder value creation,” said the adjudicators. They commended the Standard Bank Group subsidiary for managing a healthy interest income underpinned by an uplift in the average lending book which jumped by a huge margin reflecting heightened appetite for foreign currency funding. Stanbic Bank commands a huge market share in foreign currency denominated transactions owing to its brand profiling and this contributed to the institution landing the prestigious accolade. “Foreign shareholders support has ensured favourable credit terms thereby creating compelling customer demand and reference,” noted the adjudicators. Stanbic Bank registered an inflation adjusted profit of ZWG 743bn for the year ended 31 December 2023 and this performance contributed significantly to the institution leading the banking pack. The institution’s net interest income closed the period at ZWG 423bn on a net lending book of ZWG1.9 trillion. Last week Stanbic Bank Zimbabwe Chief Executive (CE), Solomon Nyanhongo landed the overall Chief Executive Officer (CEO) of the year as well as the Banking sector CEO of the year awards at the prestigious annual CEO Round Table Awards. Nyanhongo scooped the two awards as his leadership as well as the bank’s performance was rewarded for excelling in eight (8) categories namely: Business performance; Corporate & Strategy; Digital Journey; Customer Experience; Risk Management; Product Mix; Product Innovation; and Ethical Leadership & Management. Nyanhongo was rewarded for guiding Stanbic Bank to greater heights in its business performance as measured by revenue growth as well as Leadership and Corporate Strategy whose indicator was strategic foresight. He was honoured for championing the implementation of the institution’s three strategic priorities, that is, transform client experience, execute with excellence, drive sustainable growth and value. Nyanhongo was recognised for steering the Standard Bank Group subsidiary through a highly innovative digital journey with the institution registering the highest percentage of digitised customers. Stanbic Bank’s journey towards digital transformation has been impactful, with 48% of its clients now fully digitized. Up to 94% of the 14.1m transactions undertaken this year were conducted on digital channels. It was noted that Stanbic Bank’s clients’ trust in its digital platforms and that the institution had an unwavering commitment to enhancing accessibility, convenience, and efficiency in every interaction. Nyanhongo and the institution were rewarded for creating top-notch customer experience through which the institution had highest levels of customer satisfaction and customer retention. Stanbic Bank Zimbabwe won the Best Customer Experience Award in the Banking Category from the Customer Experience Association of Zimbabwe. The institution has won the award for the past two years. Customer satisfaction across Stanbic Bank’s segments averaged 8.5 out of 10 suggesting that the institution’s clients are highly satisfied with the services they provide them Over the years Stanbic Bank has been recognised for its sterling performances scooping awards such as the EMEA Finance African Banking Awards; Best Bank in Zimbabwe2021, 2020, 2018, 2017, 2015); Best Investment Bank in Zimbabwe 2015 and Global Investor Group Subsidiary-Custody Survey 2018 – Winner in Zimbabwe.

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Stanbic named best bank in 2024

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