CABS doubles surplus as impairments fall

CABS doubles surplus as impairments fall

HARARE, August 26 (The Source) – Old Mutual Zimbabwe’s Central African Buildings Society (CABS) doubled its net surplus to $20,75 million from $10,63 million last year, on the back of improved loan recoveries amid restricted lending.

“This was mainly due to a decrease in impairments through the income statement from $9,92 to $1,66 million, as there was limited growth in the loan book. Some of the loans previously provided for were settled in the period under review,” said chairman Leonard Tsumba in a statement on Friday.

Net interest income was 4 percent down to $27,4 million as at June 30 from $28,6 million in the comparative period.

Total income was up 10 percent to $11 million from $8,94 million in the comparable period last year.

Deposits went up by 6,7 percent to $768 million.

Loans and advances grew by 7,6 percent to $533 million from $496 during the same comparable period in the previous year.

The society’s assets increased by 7,3 percent to $991 million from $923 million.