adminbuoyed by the prevailing macro-economic stability.
During the same period last year, the financial institution recorded a profit of US$6,7 million.
In a statement, CABS chairman Dr Leonard Tsumba said economic stability brought about by the introduction of the multi-currency system continued into 2011.
“Net income increased by 224 percent, in line with increase in loans and advances, and loan deposits ratios,” he said.
“This was mainly due to improvements in net interest income and non- interest income,” he added.
Net interest income is stock obtained by subtracting interest gained by issuing loans coupled with deposits and the expense acquired from earning revenue.
Dr Tsumba said non-interest income had increased by 95 percent due to an increase in the number of transactions through the Society’s delivery channels.
CABS recorded a 16 percent increase in operating expenses that hampered the building society from earning more revenue streams than the initial profit of US$4,4 million.
Meanwhile, Dr Tsumba said the building society would continue embarking on housing developments.
“CABS remains well positioned to play a significant role in housing development and financing in future,” he said. – New Ziana.
A number of banks have posted profits despite the prevailing liquidity crunch. – New Ziana.
Online Reporter