adminincome increased to US$10,6 million from US$9,2 million in June last year, POSB reported that its cost-to-income ratio increased to 93 percent up from 77 percent in the similar period last year.
Operating expenses during the period stood at US$9,9 million up from US$7 million in June last year.
Other operating income during the period under review stood at US$296 493.
Interest income during the half year was up 16 percent to US$4,28 million from US$3,70 million in June last year.
Non-interest income also went up, increasing by 21 percent to US$8,14 million from US$6,73 million in the same period last year.
Management has reported that its total bank deposits were up 11 percent to US$57,6 million from US$51,9 million as at the close of last year.
Total assets rose by 12 percent to US$73,1 million from US$65 million as at December 31 last year.
Revenue reserves during the period went up 13 percent to US$6,34 million from US$5,62 million as at DEcember 31.
Notwithstanding the depressed profitability, the bank is carrying out initiatives to improve on efficiencies.
Among some of these initiatives, POSB has increased Zimpost outlets conducting business on behalf of the bank to 180 from 167 as at December 2011. The bank has also commenced the upgrading of its core banking system.
In a statement accompanying the results, POSB acting board chairman Mr Israel Ndlovu said they anticipate a better performance in the second half as a result of the strategies they are currently employing.
“The completion of the core banking system upgrade will also bring improved operational processes which should enhance service delivery,” he said.
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