CABS profit falls


Old Mutual Zimbabwe’s mortgage lender Central African Building Society (CABS) reported a 20 percent drop in profit in the six months to June from $20.7 million last year to $16.5 million, weighed down by a surge in operating costs.

Operating expenses were up 13.5 percent from $30 million to $33.6 million.

Impairments during the period under review were $2.9 million compared to a reversal of impairments of $1.6 million last year.

Net interest income in the six month period increased by 7.2 percent to $29 million.

The building society achieved non-funded income of $23.7 million compared to $21.6 million previously. 

Deposits were up from $768 million last year to $855.6 million while loans and advances increased by 11.5 percent to $594 million.

CABS’s holdings of Treasury Bills increased from $88.4 million during the same period last year to $131.5 million pushing total assets up from $990 million last year to $1.08 billion. –The Source


Don't be shellfish... Please SHARETweet about this on Twitter
Share on Facebook
Share on LinkedIn
Email this to someone
Print this page

Like it? Share with your friends!

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.


Your email address will not be published. Required fields are marked *