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ZB Results: Net Income For Full Year 17 Up 36pct


ZB Results: Net Income For Full Year 17 Up 36pct

ZB Financial Holdings on Thursday announced their Full year results ending 31 December 2017, the bank experienced a 35,7% increase in profit after tax to $15,51 million for the year ending December 31, 2017, from the $11,43 million realised in the same period in 2016.

Total income improved by 12% to $72,69 million during the period under review from 2016’s $65,07 million. The net profit margin was 21,34% showing the company was in a profitable position.

Non-funded income came in nine percent higher at $37,8 million largely driven by increased volumes in electronic banking products.

Chief executive Ron Mutangadayi told analysts that operating expenses increased by 3 percent to $50,94 million in the period due to higher gaining costs in banking and insurance operations, advertising and brand promotion expenses.

Funds invested in TBs grew by 31 percent from US$118,6 million as the banking group bought TBs worth US$105,69 million from the secondary market.

This comes at a time the loan to deposit ratio came down to 30 percent from 36 percent despite deposits growing by 26 percent to US$347 million.

The bulk of the non-funded income of US$41,5 million came from banking commissions, fees and other income. Fees and Commissions were up 9 percent to US$37,8 million.

Ron Mutandagayi said, however, that government had not defaulted on the Treasury Bills repayments and this was a safe bet.

The bank CEO said the group had mobilised a $10 million line of credit to finance its business, with another $20 million in the pipeline.

“Progress has been made in mobilising lines of credit. A facility of $10 million is awaiting disbursement whilst another facility of $20 million with a regional bank is at closing stage,” he said.

The group has budgeted $10 million to buy land over the next 4 years. So far, the group has acquired 708 stands in Plumtree and is finalising the acquisition of 678 stands in Kadoma.

When not expelling tech wisdom, Ngoni feeds on good stories that strike on all those emotional chords. He loves road trips, a good laugh, and interesting people.

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