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 %s = human-readable time difference 6:56 am
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…
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…