CABS makes $8.2 billion surplus

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

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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.