Business / Companies
Bank close branches, vigorous pursuing loan defaulters
10 Sep 2015 at 14:06hrs | Views
METBANK has closed two branches and one agency during the half-year to June 30, 2015 and is currently vigorous pursuing loan defaulters.
Said the bank's chairman Wilson Manase, "The bank is also making efforts to reduce operating expenditure.
"To this end, the bank continued on its downsizing mission by further streamlining its branch network to five following the closure of two branches and an agency during the half-year ended 30 June, 2015," Manase said.
Metbank, which reported that loans and advances to customers declined to US$40,3 million during the review period, from 52,8 million in 2014, said its loans recovery levels were "unimpressive" during the review period.
It said radical measures would be taken to increase recoveries.
"…performance of the loan book was generally not impressive and continues to be a drag on the performance of the bank," said Manase.
"The bank continues to be aggressive in its loan collection and recovery efforts, including forcing defaulting clients to meet their interest and debt servicing obligations," he added.
Source - fingaz
