DEPOSIT fees and related bank charges constituted 86% of
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
Operating expenses increased by 109% from
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
The Group attained a profit after provisional taxation of
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
Total earning assets were at
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.
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