While releasing the results for Q3 2020, Dr.
Execution of
Loans to customers grew by 30% driven by 37% growth in
The growth in capital weighted loan book and capital geared customer deposits was on the back of a 27% growth in shareholders' funds following withdrawal of
Regional expansion and business diversification efforts have reduced dependence on
Regional subsidiaries now contribute 40% of customer deposits, 39% of Group total assets, 33% of the loan book, 30% of the Group's revenue and 25% of the Group's profit before tax.
On the defensive strategy the Group increased its capital base by 27% to fortify the balance sheet. The Group's liquidity position strengthened to 55.7% driven by a 61% growth in cash and cash equivalents and a 34% growth in Government securities.
Maintaining its conservative and prudent approach and in recognition of the challenging operating environment, the Group increased its loan book provision eleven-fold compared to the same period last year, registering a cost of risk of 4.8% up from 0.8% the corresponding period last year.
"We are focused on increasing the chances of our customers surviving the Covid-19 challenges, transforming themselves by walking with them and hand-holding them with our knowledge, skills and Group resources. During these extra-ordinary times our performance measures has changed from numbers to lives and livelihoods supported, changed, enhanced and transformed," concluded
Copyright The New Times. Distributed by AllAfrica Global Media (allAfrica.com)., source