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Stanbic H1 Results Nets $10.5 Million Deposits Grow

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Stanbic H1 Results Nets $10.5 Million Deposits Grow

Stanbic Bank Zimbabwe first half profit remained unchanged at $10,5 million for the half year to 30 June 2016, as net interest income growth offset a decline in fees and commissions after a central bank directive to reduce bank charges.

Net interest income was 11 percent up to $23 million from $20,8 million in the comparable period in 2015.

“The bank’s performance during the period under review has been largely driven by the 11 percent growth in our net interest income from $20,8 in June 2015 to $23,1 million as an additional interest earning assets were acquired,” said chairman Sternford Moyo in a statement.

Fee and commission income declined by 12 percent to $15,6 million from $17,8 million, largely due market-wide cash shortages as well as a bank charge reduction ordered by the central bank towards the end of the first half of 2016.

The bank said its core capital stood at $95,3 million, against the current regulatory threshold of $25 million. Stanbic is on course to achieve the $100 million minimum capital threshold ahead of the 2020 deadline.

Stanbic said its loan-to-deposit ratio deteriorated from 57 percent to 44 percent as its customer deposit base grew from $474 million to $625 million.

Loans and advances remained at the same levels at $253 million (2015:$252 million) as the bank restrained lending in an increasingly fragile economy..

Non-performing loans grew by 12 percent to $6,5 million from $5,8 million as at December 2015.

Assets increased by 21 percent to $755 million from $595 million in December 2015.The surge in profit was driven by net interest income which, at $42,8 million, grew by 11 percent from 2014 on the back of the additional short-term investments and lending assets which were written during the year.

via the source

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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