BancABC reports $2.4 million after tax profit

Atlas Mara’s Zimbabwe unit BancABC has reported a profit after tax of $2.4 million in the full year to 31 December from a loss of $1.5 million last year driven by reduction in impairment credit charges.

Loan impairment charges fell 76 percent from $29.9 million in 2014 to $7.1 million in the year under review.

Net interest income dropped to $38 million from $49.2 million on the back of quality lending and a decrease in bank’s cost of funds.

Operating expenditure was up 10 percent to $44.6 million from $40.4 million resulting in a cost to income ratio of 81 percent.

“Core capital at the yearend was above the minimum requirement of $25 million at $67.8 million and management remains on track to meet the 2020 minimum capital requirement of $100 million,” said board chair Alvord Mabhena in statement accompanying company results.

Total deposits at $282 million were up slightly from $280 million.-The Source

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