adminsuccess compared to its competitors evidenced by its performance in results posted in April this year.
The Bank posted a profit of US$2,7 million for the year ended December 31 2011, marking an improvement in performance from the US$1, 9 million recorded in 2010
Total shareholders equity stood at US$21 million as at the close of the year, constituting 20 percent of year-end assets of US$105,3 million, reflecting a positive capital position during the period under review.
Operating income rose to US$15,4 million last year from US$10,3 million in the prior year, while operating expenditure also increased to US$11,7 million from US$7,8 million.
The company said tight management of risk coupled with practical management of accounts resulted in low levels of bad debts provisions.
Prominent Harare lawyer Mr Wilson Manase is the chairman of Metbank.
The local financial services sector, however, still faces challenges of low or transitory deposits due to general mistrust of banks by the public. — New Ziana.
Online Reporter