Business / Companies
CABS phases out withdrawal, deposit slips
18 Apr 2016 at 07:21hrs | Views
ZIMBABWE's largest mortgage lender, CABS, says it will phase out use of withdrawal and deposit slips starting June 1, 2016 in favour of cards as part of measures to improve service efficiency.
Thousands of depositors still use withdrawal and deposit slips in doing their transactions resulting in congestion in banking halls despite the introduction of automated teller machines (ATM) and other online banking platforms. The bank advised its depositors in a statement yesterday to visit CABS branches doted across the country to apply for cards.
"To improve our service delivery we would like to advise all our individual customers that with effect from 1st June 2016, we will be phasing out the use of withdrawal and deposit slips from our banking halls except for third party deposits and corporate transactions," said CABS.
"All individual cash withdrawals and deposits will now be using CABS cards. "We, therefore, request all customers without cards to visit their nearest CABS branch to apply for one before 1st June 2016."
The bank continues to operate profitably with recent results for year ended December 31, 2015 indicating total asset base increased by 22 percent to $1 billion from $852 million the year before, after deposits grew by 27 percent.
It also recorded an 18 percent growth in net surplus to $28 million, up from $24 million registered in the previous comparable period. The building society, a unit of Old Mutual Zimbabwe, also saw its net interest income increasing by 36 percent to $59,9 million from 43 million recorded for the same period in 2014.
Its non-interest income increased by 8 percent, due to low increase in the number of transactions passing through the society's various delivery channels.
The Society's total loans and advances increased by 27 percent from $444 million as at December 31, 2014 to $562 million as at December 31, 2015.
In the period under review, the building society's operating expenses increased by six percent, with comparative growth limited by cost management initiatives. Consequently, the society's cost to income ratio decreased from 63 percent in 2014 to 54 percent in 2015.
Thousands of depositors still use withdrawal and deposit slips in doing their transactions resulting in congestion in banking halls despite the introduction of automated teller machines (ATM) and other online banking platforms. The bank advised its depositors in a statement yesterday to visit CABS branches doted across the country to apply for cards.
"To improve our service delivery we would like to advise all our individual customers that with effect from 1st June 2016, we will be phasing out the use of withdrawal and deposit slips from our banking halls except for third party deposits and corporate transactions," said CABS.
"All individual cash withdrawals and deposits will now be using CABS cards. "We, therefore, request all customers without cards to visit their nearest CABS branch to apply for one before 1st June 2016."
It also recorded an 18 percent growth in net surplus to $28 million, up from $24 million registered in the previous comparable period. The building society, a unit of Old Mutual Zimbabwe, also saw its net interest income increasing by 36 percent to $59,9 million from 43 million recorded for the same period in 2014.
Its non-interest income increased by 8 percent, due to low increase in the number of transactions passing through the society's various delivery channels.
The Society's total loans and advances increased by 27 percent from $444 million as at December 31, 2014 to $562 million as at December 31, 2015.
In the period under review, the building society's operating expenses increased by six percent, with comparative growth limited by cost management initiatives. Consequently, the society's cost to income ratio decreased from 63 percent in 2014 to 54 percent in 2015.
Source - chronicle
