Stanbic records $10,5m HY profit

Stanbic records $10,5m HY profit

HARARE, August 25 (The Source) – Stanbic Bank Zimbabwe on Wednesday reported a 10 percent surge in profit to $10,5 million in the half year to June 30, 2015 from $9,6 million profit recorded in the prior corresponding period.

The bank’s chairman Stenford Moyo said the improved performance was driven mainly by the 11 percent growth in interest earning assets from $332 million in December 2014 to $367 million.

“The bank’s fee and commission income grew by 13 percent to $17,7 million due to an increase in transaction volumes being processed through our service channels,” he said.

Moyo added that Stanbic’s operating expenses increased by five percent to $25,1 million because of the increase in transaction processing costs experienced during the period under review due to the impact of business growth.

As at June 30, the bank, a Zimbabwean unit of South Africa’s Standard Bank, had a core capital of $81,6 million against a regulatory minimum requirement of $25 million.

“The bank is on course to meet the regulatory minimum core capital of $100 million by 2020,” Moyo said.