Steward Bank, a subsidiary of Econet Wireless, yesterday reported its first ever full-year net return, declaring a $5.4 million profit for the period to February 29 from a loss of $8.3 million last year.
Econet Wireless took over the bank, then TN Bank, from former Econet chairman Tawanda Nyambirai. The mobile operator had first acquired a 45 percent stake in 2012, before taking over the remaining shareholding in 2013.
Steward Bank reported a 23 percent rise in transaction volumes to $24.34 million. Profit before tax amounted to $6.2 million, compared to a loss before tax of $9.5 million last year.
“Our loan to deposits ratio averaged 58 percent reflecting our cautious approach to lending. More significantly as part of the clean-up process, we managed to reduce our non-performing loans ratio from 35 percent to 13.5 percent,” said chairman Oluwatomisin Adeola Fashina.
Fashina left the bank in April to pursue other interests in the region.
Operating expenditure declined to $18 million from $29 million in the previous year.
The bank’s liquidity ratio stood at 72 percent against the prescribed minimum ratio of 30 percent. It has a capital base of $38.6 million.-The Source
(57 VIEWS)
This post was last modified on %s = human-readable time difference 5:46 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…