Stanbic Bank Zimbabwe records $10.5 million profit

Stanbic Bank Zimbabwe has recorded a $10.5 million profit in the first half after boosting net interest income.

The financial institution's chief Executive Joshua Tapambgwa said the bank's interest income grew by 11 percent to $23.1 million from $20.8 million.

In the same period last year in the half year to June 2016, Stanbic experienced a 12 percent decline in its dreams commission income from $17.8 million in last year to $15.6 million. He said this was a reflection of the downside impact of the current market wide cash shortages which saw a decline in transaction volumes passing through the bank's delivery channels.

Stanbic's operating expenses grew by one percent from $25.1 million in the competitive prior period to $25.5 as the award winning bank invested in various initiatives in a bid to improve our customer service experience.