Stanbic Bank Zim net profit up 13pct

Stanbic Bank Zim net profit up 13pct

HARARE, March 31 (The Source) – Stanbic Bank Zimbabwe has reported a 13 percent growth in net profit to $20,6 million for the full year to December 2014, spurred by an increase in fees and commissions income.

The use of automated teller machines and transaction income improved during the year under review as reflected by a 14 percent growth to $34,5 million in fees and commissions. Net interest income also rose to $38,5 million from $35 million despite a slight decline in loans and advances.

“The bank’s lending book declined marginally to $252 million largely due to the temporary decline in facility utilization by some of our clients. Operating expenses increased by five percent mainly because of an increase in transaction processing costs incurred in activities such as importation and repatriation,” said the bank’s chairman Sternford Moyo in a statement accompanying its financials.

The financial institution is the local unit of South Africa’s Standard Bank.