Stanchart Zimbabwe profit declines

Stanchart Zimbabwe profit declines
Published: 27 March 2014
Standard Chartered bank Zimbabwe recorded a 47 percent decline in their profit before tax for the year end 31 December 2013 which as at $13,2 million a drop from 2012 same period's profit of $23,5million.

The drop was due to a 31 percent increase in operating costs which rose from the previous year`s $38,1 million to $50,9 million in the period under review.

The costs were manly made of repairs and maintenance of the bank's infrastructural facilities in order to align its operating platform with the Group.

According to a statement released by the bank operating income remained in line with prior year, marginally reducing as a result of the impact of liquidity constraints and recorded charges in line with the Memorandum of Understanding on bank charges.

The statement however showed that interest income for the period under review rose by 44 percent from 2012 same period income of $18,3million to $26,1 million in 2013.

Non Interest income however declined by 12 percent from previous year's $48,4million to $42,9million in the period under review.

Loans and advances to customers also declined by 8 percent from 2012 loans and advances that stood at $197million to $180,6million.

"The group has a strong presence in high growth markets and is well positioned to Support Zimbabwean businesses in pursing trade corridor opportunities arising in Asia, the Middle-East and indeed within Africa. The bank leverage1s on its strong international relations to develop new product capabilities and provide skills development and training," says the bank.
- BH24


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