AfriAsia Zimbabwe profits decline

AfriAsia Zimbabwe profits decline
Published: 03 March 2014
AfriAsia Zimbabwe Holdings posted a profit of $174 862 for the half year ended 31 December 2013. This was a 91 percent decline from the prior comparable profit of $1,9 million.

The figures in the statement show that the decline was as a result of a decline in the income level from interest and similar incomes. Net interest income declined by 31 percent from last year's similar period of $9, 4 million to $6,4 million this year.

In terms of operating costs, the bank's strategic cost containment measures were implemented resulting in operating costs decreasing by 16 percent when compared to prior period.

However this year the bank is optimistic about its growth based on a private placement that is anticipated to be concluded tomorrow. "The conclusion of the private placement by 28 February 2014 will result in the group underwriting more business in order to achieve better results by the end of the financial year ending 30 June 2014.

The bank is expected to operate profitably in the next 6 months after the injection of the new capital from the private placement" said the bank in a statement. The statement also highlighted that the bank will engage in a rebranding exercise and these changes will introduce new products and solutions for their customers.

"Through the major share holder and partner, the bank will be offering seamless offshore and wealth management products and solutions, while offering an investment and funding gateway to and from Asia and the international markets for its valued customers," said AfriAsia.
- bh24
Tags: AfrAsia,


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