He said Zimbabwe’s after-tax profit went up five-fold in the six-month period due to the growth in all revenue lines despite increased costs. An after-tax profit of US$5,5 million was recorded from US$940 000 last year. Total assets for the group stood at US$374,9 million from US$252 million last year due to growth in deposits which increased by 197% in total over the same period.
“Deposits growth for the six months to June 2011 of 54% exceeded market average deposit growth of 25%.”
For Zimbabwe loans and advances were at BWP1,5 billion and deposit were at BWP1,7 billion from BWP0,6 billion recorded last year.
ABC Holdings Limited’s subsidiaries BancABC Zimbabwe and BancABC Tanzania were the major contributors to attributable profit of the company of 73 million
BancABC Zimbabwe and BancABC Tanzania recorded increases of 421% and 69% respectively while BancABC Botswana’s attributable profit was flat.
“Even though overall head office expenses declined by 9% to BWP43 million, total income declined sharply by 50% to BWP16 million. The massive decline in income is due to the fact that most of the cash held and invested by head office has now been deployed as capital to subsidiaries,” he said.
Net interest income for the group stood at BWP191 million up 30% from BWP45 million last year same period due to the growth in the balance sheet, which registered a 23% surge from December 2010 to BWP1,4 billion.
Post published in: Business