Standard Bank Limited net profit up in 2007

Standard Bank Limited - a subsidiary of Africa's biggest bank by assets, Standard Bank Group, has reported an 80% increase in 2007 profit mostly due to favourable macro-economic conditions and launch of new products in the year under review Its after tax profit rose from MK721 million to K1.3 billion. Its shares were trading at K63 at the close of business yesterday. While Malawi's economy is poised to grow by 7.1%, the bank is geared to continue benefiting from the projected positive economic development. Standard Bank is a South African-based financial services company with a global presence. They operate from 18 countries in Africa and 20 on other continents, including the key financial centres of Europe, the Americas and Asia. Standard Bank Malawi recently rebranded rebranded from Stanbic Bank.