Zimbabwe Informational Site

ECONET subsidiary Steward Bank recorded $30.1 million operating income for the year ending February 2017 compared to $24.3 million the previous year which is a 24 percent growth.

The increase has been driven by a rise in transactional volumes that resulted in a 49 percent increase in non-funded income to $28 million from $19 million in the prior year, the bank said yesterday.

During the period profit before tax of $8.4 million was recorded, a 36 percent growth from the $6.2 million reported in the comparative period last year.

Total deposits also grew by 56 percent to $144.6 million from $92.6 million recorded in the prior year as a result of an increase in individual deposits while loan and advances to customers declined by  6.6 percent to $52.6 million from $56.3 million due to cautious lending.

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