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
(47 VIEWS)
This post was last modified on August 11, 2017 6:56 am
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…
