Stanbic posts $12,8 profit

LEADING financial services institution, Stanbic Bank Zimbabwe has posted a $12.8 million profit for the half year to June 30, 2017 up from $10.5 million in the comparable period last year.

Stanbic Bank Zimbabwe chairman Mr Greg Sebborn attributed the competitive set of results to better net interest income buoyed by additional short term investments acquired during the period.

He said strengthened collection efforts on non-performing loans also contributed significantly.

“Notwithstanding the elevated turbulence in the macro-economic environment, the bank recorded a commendable performance closing the first half of the year with a profit of $12.8 million in comparison to the prior period profit of $10.5 million.

“Non-funded income also performed strongly as the bank continues to drive various electronic means of payment as the market continues to embrace the digital platforms,” he said.

As at June 30, 2017, the bank’s qualifying core capital stood at $119.5million up from $95.3 million in June 2016 and well above the regulatory minimum of $25 million.

Mr Sebborn said the $119.5 million qualifying core capital puts his institution in a healthy position ahead of the year 2020 regulatory minimum core capital of $100 million.

The bank’s chief executive Mr Joshua Tapambgwa was also pleased that the institution overcame the increasing vulnerabilities in the economic environment.

Giving the run-down of the performance, he said net interest income increased from $23,1 million to $25.5 million which is an 11 percent growth.

Mr Tapambgwa said Stanbic Bank was focused on ensuring that the lives of its customers were made easier as they navigate under the prevailing operating environment characterised by the continued digital banking journey where his bank rolled out more Point of Sale devices into the market.

“Our digital banking product suite was enhanced through the addition of more billers on our Blue247 mobile banking platform following the introduction of new products such as Online Banking for Small to Medium Enterprise clients.

“As we strive to diligently serve our customers, low cost options of sending money to mobile wallets and agent banks were introduced”, he said.