The group’s strong performance comes on the back of reports that its banking arm, Kingdom Bank Limited, has secured a joint venture partner as it seeks to meet the prescribed minimum capital requirements set by the Reserve Bank.
Group chief executive, Lynn Mukonoweshuro, said the group was finalising plans to recapitalise its operations, which will further strengthen the capital base, in particular of the key subsidiary Kingdom Bank, enabling it to comply with the minimum regulatory requirements.
“The recapitalisation has reached an advanced stage and we will be releasing details of how KFHL intends to raise additional capital so that its operating units are fully funded to be able to take advantage of business opportunities in Zimbabwe and the region,” said Mukonoweshuro.
She said the Zimbabwean operations contributed about 71 per cent to the group’s profit before income tax. She said KFHL had experienced an improvement in the performance of its other operating units, which also recorded positive profit after tax.
Mukonoweshuro said Kingdom Bank Limited (KBL) had a robust performance in the period under review despite stiff competition and an illiquid market.
The bank had also continued to diversify its product range, while new innovative product offerings such as Kingdom CellCard and the Cardless ATM withdrawal solution were launched.
Post published in: Business