STANDARD BANK FORECASTS INFLATION RISE, DEPRECIATION IN 2014

One of the leading financial institutions Standard Bank has predicted
a continued pressure on commodity prices this year -due to what it
called pre-elections fiscal lapses.
The bank was analyzing its operating environment and the state of the
local economy -in its 2013’s financial statement.
Performance wise, despite operating in harsh environment, the bank
managed to post 12.1 billion kwacha after tax profit – which is 52%
higher than it made last year- thanks for a 47% increase in its
operating income.
However, the report that was signed by Alex Chitsime, Ritchard Harawa
and Andrew Mashanda for Chairman, Director and Chief Executive Officer
respectively sees kwacha further depreciating during the year -as it
anticipates persistent forex shortages.
The report also puts in consideration that pre-elections fiscal lapses
could trigger more inflationary pressure in the first half of 2014.
Standard bank is regarded as the biggest bank in the country based on
the deposits.
The Malawi Stock Exchange listed bank’s share has been fluctuating
from around 380 kwacha to just over 400 kwacha, and now it is at 397
kwacha 41tambala per share.