CABS makes $8.2 billion surplus


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CABS remained the country’s largest building society realising a surplus of $8.2 billion for the year ending June, almost double its nearest rival. It had a surplus of $3.1 billion the previous year.

Interest income more than doubled from $5.6 billion to $14.6 billion with net interest income increasing from $3.5 billion to $8.9 billion.

Non-interest income increased from $1.8 billion to nearly $5 billion.

The society advanced $9.7 billion in mortgage loans to 1 083 applicants, 234 of whom were from high-density areas while 849 were for low density and commercial properties.

The society’s assets also doubled from $31 billion to $63.3 billion with more than half of the assets being dealing and investment securities.

The society launched its platinum club in May and says it had become very popular.

It also says the number of clients using its internet based banking had grown by 53.5 percent.

 

Comparisons
CABS Beverley Intermarket
$millions $millions $millions
Net interest income 8 913 7081 3 793
Non interest income 4 976 1 128 788
Surplus 8 177 4 067 1 872
Assets 63 298 57 677 46573
Mortgage advances (cash) 9 700 9 844 4 100
Mortgage advances (people) 1083 1 684 1 495

(14 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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