Barclays Bank Zimbabwe’s after tax profit for the full year to December doubled to $6.6 million from improved interest income despite recording a 17 percent fall in deposits.
Net interest income was 15 percent up at $14.1million while gross loans and advances were six percent up at $124.5million.
Customer deposits fell to $206.4million compared to $248million in the prior period.
Managing director George Guvamatanga told analysts on Monday that the bank would in the future seek to widen its customer base to include cash generating state owned enterprises and government institutions.
“One of our strategies will be to target some government and quasi-government departments. While their balance sheets might be weak you will see that their cash generating capacity is quite high so we will be tailoring our products in line with their demands,” he said.
Cash generated during the period under review totaled $7.9 million from $6.7 million recorded in the previous year
“We believe there is still much we can do to address cost base in relation to lower margins,” said Guvamatanga indicating that the bank would invest in its technology infrastructure to enhance its e-Banking facility.
Operating expenses shot up 11 percent to $37.5million.
Earnings per share (EPS) doubled to $0.31 cents from $0.14 cents.- The Source
(301 VIEWS)
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…