Business / Companies
POSB supports ZIMASSET
31 Mar 2015 at 10:07hrs | Views
THE People's Own Savings Bank (POSB) has recorded a rare $1,25 million profit from loss of $209 000 with officials pledging to support government fronted ZimAsset project
In a trade update accompanying its financial results for year ending December 2014, acting board chairman, Israel Ndlovu said
"The bank recorded an operating profit of $1,25m. This positive performance was a recovery from a loss of $209k incurred by the Bank over the prior comparative period' said Ndlovu.
"Total income increased by 25% from $19,22 million in 2013 to $24,08 million in 2014. This is attributed to the achievement of better margins on lending products as well as the introduction of new revenue generating products.
"Generally, the Bank was able to contain its operating costs for 2014 below budget but however, total costs increased by17% from $19,43 million in 2013 to $22,83million in the year under review," said Ndlovu.
The banks said its costs to income ratio improved from 101% in 2013 to 95 in 2014 and total assets grew by 17% to $105 m mainly driven by a 175 growth in deposits.
The loan to deposits ratio improved to 67% from 54% in 2013 on the back of increased lending activities.
Ndlovu said the bank adopted the Integrated Results Based Management System (IRBM) as a strategic planning and performance management's tool.
"This is in line with the Zimbabwe Agenga for Sustainable Socio-Economic Transformation (ZIMASSET) which is a national development plan for Zimbabwe."
In a trade update accompanying its financial results for year ending December 2014, acting board chairman, Israel Ndlovu said
"The bank recorded an operating profit of $1,25m. This positive performance was a recovery from a loss of $209k incurred by the Bank over the prior comparative period' said Ndlovu.
"Total income increased by 25% from $19,22 million in 2013 to $24,08 million in 2014. This is attributed to the achievement of better margins on lending products as well as the introduction of new revenue generating products.
The banks said its costs to income ratio improved from 101% in 2013 to 95 in 2014 and total assets grew by 17% to $105 m mainly driven by a 175 growth in deposits.
The loan to deposits ratio improved to 67% from 54% in 2013 on the back of increased lending activities.
Ndlovu said the bank adopted the Integrated Results Based Management System (IRBM) as a strategic planning and performance management's tool.
"This is in line with the Zimbabwe Agenga for Sustainable Socio-Economic Transformation (ZIMASSET) which is a national development plan for Zimbabwe."
Source - Byo24News
