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MarketScreener Homepage  >  Equities  >  Zimbabwe Stock Exchange  >  ZB Financial Holdings Limited    ZBFH   ZW0009012007

ZB FINANCIAL HOLDINGS LIMITED

(ZBFH)
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ZB Financial : Deposit Fees and Bank Charges Constitute 86 Percent of ZB Earnings

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12/17/2019 | 06:11am EDT

DEPOSIT fees and related bank charges constituted 86% of ZB Financial Holdings (ZBFH) total earnings of $234 million in the nine months ended September 30 2019.

In the financial institution's trading update released Monday, ZBFH said these fees accounted for a greater proportion of the group's total earnings.

"For the nine months ended 30 September 2019, total revenue grew by 294 % to $234.1m from $59.4m achieved in the comparative period in 2018. Non-funded income contributed 86% of total revenue, while net interest income contributed 14%," the update reads.

Operating expenses increased by 109% from $42 million for the nine months ended 30 September 2018 to $87 million for the nine months ended 30 September 2019.

This cost out-turn is below inflation because increases in salaries and wages have lagged behind Year-on-Year inflation, last reported as 175.66% as at 30 June 2019.

The Group attained a profit after provisional taxation of $125.3m for the nine months during the period under review.

Spurred by a significant contribution from fair value credits and exchange gains from the revaluation of its foreign exchange position, the Group achieved an upsurge in total revenue.

"This represents an 806% increase from $14 million posted in the comparative period in 2018. The group's total asset base grew by 128% to $1.5 billion as at 30 September 2019, which was 128% from the closing balance for the prior year $663.2 million as at 31 December 2018.

Total earning assets were at $830 million, having increased by 83% over the same period.

However, ZBFH has predicted a gloomy outlook going forward owing to macro-economic challenges despite current government interventions to address the problems.

The bank has cited the continued shortages of foreign currency and local bank notes, a rapidly depreciating local currency against major currencies, shortages of fuel and energy amid declining household disposable income levels, as threats characterising the current operating environment.

Copyright New Zimbabwe. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Managers
NameTitle
Ronald Mutandagayi Group Chief Executive Officer & Executive Director
Charity Manyeruke Chairman
Fanuel Kapanje Group Finance Director & Executive Director
Olatunde Akerele Non-Executive Director
Terekuona Sydney Bvurere Non-Executive Director