Metbank’s capital, liquidity remain strong

of the total income at US$5 million, an increase from US$3,4 million a year earlier, Metbank said in a statement yesterday. Net interest income rose from US$3,8 million in the half last year to US$4,7 million in the period under review.
Total assets grew 44 percent to US$140 million while total shareholders’ equity was US$44,5 million, representing 24 percent of total assets.
Liquid assets amounted to US$42,8 million. “The bank’s capital and liquidity position remained very strong as at 30 June 2012,” Metbank chairman Mr Wilson Manase said. “I am pleased to report that the bank is both liquid and adequately capitalised in conformity with the regulatory authority’s minimum requirement applicable to commercial banks.”
The bank said it secured US$22 million from PTA Bank and Afreximbank for on- lending to sub-borrowers in various productive sectors.
It said qualifying companies, which include small to medium enterprises found the terms of the facility appropriate to finance their working capital requirement given that the tenures range from three to six months.  
“As the bank plays its part in restoring confidence strengthening our economy, we are encouraged by our clients’ commitment to efficiently utilise the availed concessionary funds to boost operational and productive capacities of their companies,” said the Metbank chairman.
And to grow its customer base, the bank said it managed to open six branches in Masvingo, Manicaland, Midlands and the Matabeleland provinces.
With regards to new minimum capital requirements for commercial banks which were raised from the current US$12,5 million to US$100 million on a phased basis to 2014, the bank said it was prepared to meet new thresholds.
Going forward, Mr Manase said: As we look forward to the building on our momentum in the second half of 2012, we are confident that our traditional operations in retail banking will continue to grow along with increased focus in the area of SMEs, treasury and corporate banking.
“Over the coming months, we will continually strive to provide our customers with innovative products ranging from a special savings accounts, mortgages, remittances and customer financing including cars, personal loans and credit cards.”