Royal Bank makes $70.2 m profit

Royal Bank, one of the latest commercial banks in the country, made a profit of $70.2 million in its first eight months of operation, but it already had seven branches, the flagship branch being in Harare and others in Bulawayo, Chegutu Chipinge, Gwanda, Karoi and Nyanga.

The bank had interest income of $864.8 million with a net interest income of $301.2 million. It had dealing profits of $267.4 million, fees and commission income of $92 million.

Profit before tax stood at $227.9 million. It wrote off pre operational expenses of $65.9 million and paid tax of $91.8 million remaining with a net profit of $70.2 million.

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