Metbank profit up 250 pct

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    Harare – Metbank reported a 250 percent increase in profit after tax to $$17.0 million for the year ended 31 December 2018, from $4.9 million achieved in the prior financial year.

    Spurring this performance was a surge in non-interest income which scaled up 107 percent to $47.6 million from $23.1 million recorded in the previous comparative 2017 period.

    Operating income also registered a significant increase to $54.4 million from $23.6 million the previous year, representing an increase of 130 percent stemming from the increase in non-interest income.

    Likewise, net interest income rose more than 12 times to $6.8 million from $545 895 in the same period last year while operating expenditure increased to $22.1 million from $18.1 million last year.

    The bank also realised “reasonable” growth in loans and deposits compared to the previous periods.

    Loans and advances to customers increased to $127.2 million from $74.1 million as at December 2017, while deposits increased by 2 percent to $163.1 million from $160.3 million.

    “The Bank’s strategy is seeing the unfolding of a solid balance sheet from which sustainable profits will flow,” said Chairman Darlick Marandure.

    Total assets increased by 22 percent to $407.7 million from $334.5 million recorded in the previous year.

    The bank closed the year with a total regulatory capital of $59.2 million from $44.1 million in the previous year.

    “The Bank is still on course to achieve the regulatory minimum capital of $100 million by year 2020 in line with its five-year capitalisation plan,” said Marandure.

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