adminan after tax profit of 68,5 million pula in the full year to December 31 2010 as the industrial index rallied for the second day in a row.
The benchmark index was up 0,34 percent to 165,31 points. Also supporting the rally were gains in Cafca, which rose US3c to US33c, Econet rose US2,7c to US488,20c and Seed Co who advanced US1,95c at US140c. Meat processor, Colcom, Innscor and TA were up US1c each to US42c, US68c and US20c respectively.
On the downside was cement maker PPC which lost US5c at US320c, Interfin reversed US3c gained in previous trading sessions to US35c while Barclays declined US1,40c to US6,10c. The mining index lost 3,25 percent at 262,63 points, dragged by coal miner Hwange which slid US5c to US85c.
Hwange had surged to its all time high of US90c on Friday last week. Falgold and RioZim were unchanged at US14c and US195c.
Value of trades improved to about US$2 million from US$730 468.
BancABC, with operations across the region achieved a 39 percent increase in revenue to 546 million pula. Operating profit was up 327 percent to 111 million pula. The group’s cost to income ratio improved to 77 percent from 82 percent achieved in the previous comparable period.
Impairment charges on loans and advances declined by 69 percent to 16 million pula due improvement in the economic environment and strict credit monitoring of facilities.
Earnings per share improved by 15 percent to 43,3 thebe from 40,4 thebe in the previous year. The group’s total deposits from customers grew by 46 percent to 4,9 billion pula.
Loans and advances rose by 54 percent from 2 billion pula in the previous financial period to about 3,1 billion pula last year. Loan and advances in BancABC Zimbabwe increased nine-fold from 98 million pula to 975 million, as Zimbabwe now constitutes 32 percent of the total loan portfolio.
Botswana performed well on the back of economic recovery and improved commodity prices. Profit after tax rose 15 percent to 20 million pula from 17 million in 2009.
BancABC Mozambique was adversely affected by high volatility in the market interest and exchange rates as net income dropped by 25 percent to 29 million pula while non-income interests declined by 7 percent to 57 million pula.
Despite high impairments recorded by BancABC Tanzania, the subsidiary managed to increase its attributable profits by 207 percent to 16 million pula. The bank deposits rose 18 percent to 119 million pula. Loans and advances however declined by 8 percent to 40 million pula.
Zambian operations posted an after tax profit of 11 million pula as compared to a 34 million pula in the prior year.
The group said it injected US$6 million into the bank as the capital position of the financial institution had become precarious due to previous looses. BancABC Zimbabwe posted 27 million pula in after tax profit, an improvement of 43 percent from 19 million pula achieved in 2009.
The bank grew its balance sheet by 215 percent from 0,5 billion to 1,5 billion.
Deposits increased by 316 percent from 0,25 billion pula while loan and advances increased by 810 percent from 0,1 billion to 0,9 billion pula.
Online Reporter