FX transactions boost Stanbic income

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STANBIC Bank has reported a 572 percent rise in its inflation-adjusted half-year profit, underpinned by the surge in foreign currency-denominated transaction volumes.
Together with the improved tobacco selling season, the bank’s activities kept shifting from local to foreign currencies.
The bank’s profit stood at $372,9 billion during the period under review, up from $55,5 billion in the comparable period.
The bank’s chief executive, Solomon Nyanhongo, said Q1 2023 experienced a continuation of the steady business environment that had been present in Q4 2022, which was characterised by a slowing in inflation and a mild currency depreciation.