BancABC back in the black with $200k H1 profit

BancABC back in the black with $200k H1 profit

HARARE, August 26 (The Source) – Atlas Mara’s local unit reported a profit of $228,000 in the six months to June compared to a loss of $162,000 over the same period last year.

Revenue went down by 70 percent to $20,7 million.

Net interest income declined by 53 percent to $12 million compared to $18,9 million last year.

“This was driven by the controlled growth in credit with focus on quality lending. In addition, the net interest also declined due to decrease in interest margins on the back of a declining interest rate environment offering financing at a more sustainable cost,” said ABC Zimbabwe chairman Alvord Mabhena in a statement.

Loans and advances were 10 percent low to $278,5 million compared to $306,9 million in June 2015.

Deposits grew by 12 percent to $284 million.