Published: 23 August 2013

ZB Financial Holdings Limited has recorded an after tax profit of $2,5 million for the half year ended June 30 representing a 168 percent increase compared to the comparative period the previous year.

In a statement accompanying the results, group chief executive, Mr Ronald Mutandagayi said total income increased by 20 percent to $36,2 million compared to the outturn in the same period in the prior year despite a reduction in net interest income of 6 percent.

"The increase is anchored on a 28 percent increase in premiums revenues and a 164 percent improved outturn on capital gains on trade investments, which posted a loss in the comparative period in the prior year," he said.

Operating costs increased from $27,4 million last year to $30 million this year representing a 10 percent increase thus achieving a cost efficiency ratio of 83 percent, an improvement from the 91 percent achieved in the corresponding period.

Total assets increased by 7 percent from December 31 last year to close at $348,8 million as at June 30 this year and this came on the back of a 7 percent growth in total deposits which increased from $216,7 million to $232 million though deposits remained transient and unable to support the creation of significant long term assets.
- herald

You might also want to read this

• Bank cards crime soars
• Agribank workers seek US$-indexed salaries
• Zimbabwe's interbank market needs refinement
• Agribank declares US$5,5m dividend
• Zimbabwe engages Afreximbank over US$70m package
• ZB's TB holdings up 25%
• ZB mobilises offshore lines of credit
• Ecobank Zimbabwe standout performer among banks in F18
• 'Govt not interfering with interbank market rate'
• ZB mobilises offshore lines of credit