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.
STEWARD Bank has restructured its ICT department after weeks of failing to service its clients, who have been complaining about poor service in the last three weeks.
Statement yesterday, Steward Bank said it had appointed Arthur Matsaudza as the acting chief technology officer, Gedion Moyo (head digital transformation), Luckson Madziwa (digital products development manager) and James Ritala (information systems operations manager).
The move is part of reorganising their ICT department, as the bank indicated it is preparing to cater for higher transaction volumes.
He said they had resolved all delays, but that the Reserve Bank of Zimbabwe’s RTGS system going down last Wednesday and Thursday exacerbated their problems.
For weeks, clients have complained to the bank, saying they were unable to process their payments, with delays ranging anywhere from seven to 14 days in some cases, a process that should take 24 hours at most.
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