STANDARD Chartered Bank has exceeded the Regulatory capital requirement of K312 billion set by the Bank of Zambia (BoZ) for September 2012.
The Central Bank set K156 billion as a capital requirement for foreign commercial banks for June and K312 billion for September 2012.
Standard Chartered Bank managing director Mizinga Melu said her bank had K400 billion set aside as Regulatory capital requirement more than the targets for June and September.
Addressing journalists in Lusaka, Ms Melu said with the increase in regulatory capital and the introduction of the monetary policy rate, the central bank intends to increase access to credit in the economy.
"As a lending bank in the country, we are supportive of these policy measures in so far as they will translate into increased economic activity with its attendant's consequence of reduced poverty levels, especially among rural communities," Ms Melu said.
She said the policy changes could not have come at a better time than now as they would result in the financial sector playing a more significant role in the development of Zambia.
Commenting on the financial position of the bank in the first quarter, Ms Melu said the bank's net-profit had grown by 22 per cent year-on-year to K42.8 billion
The bank's balance sheet grew by 15 per cent year-on-year to K4, 632 billion with deposits reaching K3, 574 billion up by 24 per cent.