• Profit for the year grew to ZWL255m

  • Loans and advances increased by 151%

  • More than 55,000 digital loans were dispensed to women

  • Net interest income was 243% up

Harare - Zimbabwe’s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during the half year ended 31 August 2021 from ZWL211 million recorded during the same period in 2020. This was necessitated by an increase in net interest income, non-net interest income as well as a decrease in income tax expenses.

Net interest income for the period climbed by 243% to ZWL706 million from ZWL206 million in the prior year while, non-interest income was ZWL2 billion up, a 54% increase against ZWL1.3 billion achieved during the 2020’s corresponding period.

Resultantly, net operating income was up by 29% to ZWL2 billion from ZWL1.6 billion during the period.

Income tax expenses plunged by 82% to ZWL19 million during the review period from ZWL108 million in 2020 while deposits plummeted by 71% to ZW18 billion from ZWL10 billion in 2020.

The Bank has dispensed more than 55,000 digital loans to women in the half year under review and maintained a POS device complement slightly above 3, 000 in the rural areas, ensuring that sole traders and merchants operating in these areas have access to financial services,” The Bank said in a statement accompanying the financials.

As a result, loans and advances to customers soared by 151% to ZWL4 billion from ZWL1 billion recorded during the same period last year.

Total assets grew to ZWL25 billion, a 56% increase from ZWL16 billion asset position achieved last year during the same half.

The Bank zero rated its Square Mobile Application to allow customers to transact without data thereby ensuring that customers have access to financial services at all times.

In the second half of the financial year, the Bank will focus on three pillars Digital, Disruption and Delivery,” the Bank added.

These pillars will enable the Bank to deliver personalized services to customers with agility and simplicity while ensuring that it remains innovative whilst meeting the changing needs of customers.

Equity Axis News