Metbank Zimbabwe reported an after tax profit of $403 453 in the half year to June from $289 399 in the comparable period last year, following a surge in non-interest income.
Operating income rose more than four times to $6.4 million from $1.5 million in the same period last year driven by non-interest income which increased significantly to $5.86 million from $928 124 over the same period last year.
Net interest income declined by 6 percent to $563 287 while operating expenditure increased to $5.5 million from $4.5 million in the same period last year.
The bank managed to restrict non-performing loans to 1.5 percent which is within the regulatory threshold of 5 percent.
“The bank continues to be aggressive in its loan collection and recovery efforts whilst underwriting a new book with caution”, said chairman Wilson Manase.
Loan and advances increased by 147 percent to $53.1 million from $21.4 million as at December 31, 2016.
Deposits increased by 75 percent from $53.44 million as at December last year to $93.39 million.
During the period under review total assets increased by 16 percent to $232.3 million from $201.2 million recorded in the previous year.
The bank closed the year with a total regulatory capital of $56.5 million from $55.8 million previously.
The central bank has set the minimum regulatory capital at $100 million by year 2020.- The Source
(80 VIEWS)
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…