Atlas Mara’s BancABC reports $2,4mln FY PAT

Atlas Mara’s BancABC reports $2,4mln FY PAT

HARARE, March 31 (The Source) – Atlas Mara’s Zimbabwe unit BancABC on Thursday reported a profit after tax of $2,4 million in the full year to 31 December from a loss of $1,5 million last year driven by reduction in impairment credit charges.

Loan impairment charges fell 76 percent from $29, 9 million in 2014 to $7, 1 million in the year under review.

Net interest income dropped to $38 million from $49, 2 million on the back of quality lending and a decrease in bank’s cost of funds.

Operating expenditure was up 10 percent to $44, 6 million from $40,4 million resulting in a cost to income ratio of 81 percent.

“Core capital at the yearend was above the minimum requirement of $25 million at $67,8 million and management remains on track to meet the 2020 minimum capital requirement of $100 million,” said board chair Alvord Mabhena in statement accompanying company results.

Total deposits at $282 million were up slightly from $280 million.