MetBank Zimbabwe after tax profit up 40 percent

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

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