Standard Bank Lesotho grew its assets by 22% last year and its Tier 1 capital by an impressive 41%. It returned 38.2% on equity, up from 36% in 2006. At the same time it reduced its cost-to-income ratio from 62.2% in 2006 to 54% in 2007. Its sound risk management is reflected in a low non-performing loan ratio of just 1.5%, down from 2.9% in 2006.
The bank introduced internet banking last year, as well as rolling out a business and private banking arm, equipped with relationship managers. It continues to grow its branch and ATM coverage and broke new ground last year when it hired two Chinese-speaking staff to offer a better service to its Chinese clients. The bank also introduced bancassurance products last year as well as branching out into vehicle and asset finance products.
Standard Bank Lesotho also took part in a scheme with the government to develop Lesotho’s backward agricultural industry. The scheme brought together farmers from across Lesotho and provided them with advice, expertise, seeds and fertiliser. The ultimate aim of the project is to convert Lesotho agriculture from its subsistence origins towards modern techniques that will provide a surplus of agricultural produce for the nation.
Standard Bank Lesotho is a forward-looking bank that fully deserves the mantle of Bank of the Year. “We see this as recognition for what we have achieved over the past year and a great motivator to our staff to continue to aspire to being the most professional bank in our country,” says Standard Bank Lesotho’s chief executive Roger Snelgar. “In these tumultuous times, Standard Bank Lesotho looks forward to the challenges of 2009 with enthusiasm and determination to continue to perform as a growing, profitable bank.”
