HomeBusinessBarclays Bank posted $1,7 m tax after profit

Barclays Bank posted $1,7 m tax after profit

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BARCLAYS Bank of Zimbabwe Limited (BBZL) has posted an after-tax profit of $1,7 million for the six months to June, compared to a loss of $0,8 million recorded last year.

OWN CORRESPONDENT

The profit is attributed to an increase in loan facilities doled out to clients, continued new product development and a robust citizenship agenda.

In an unaudited financial results for the year ended June 30 2014, BBZL managing director, George Guvamatanga said the performance was premised on income growth of 9%.

“The profit after tax of $1, 7 million was achieved compared to $0,8 million from the previous period resulting from pre-tax profit of 126% year on year,” he said.

“This is against the backdrop of interest yields trending down transaction activity being subdued.

“Cost increases were contained within 2 percent benefiting from continued focus on cost efficiency initiatives.”

He said deposits grew by 3% to $238 million from the same period last year as compared to last year in December where deposits came down by 4% largely reflecting the seasonal nature of part of the deposit base.

During the period under review, loan book grew by 14% year on year.

Guvamatanga said the company’s ATM transfer product; CashSend, grew by 8%, with customers sending higher value amounts through the channel, as seen by the rise in purchased voucher values.

Internet banking rose by 169% buoyed by an increase in local transfer volumes.

BBZL is one of the leading banks in Zimbabwe and has operated in the country since 1912.

It is listed on the Zimbabwe Stock Exchange.

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