adminbank by deposits, bounced back from a loss of US$3,7 million in 2009 to post a profit of US$8,4 million for the year ended 31 December 2010.
The return to profitability was largely influenced by a growth in non-funded income.
Total income almost doubled to US$43 million from US$22,4 million from the prior year with the bulk of these funds (US$36,6 million) coming from non-income interest.
Net interest income came in at US$6,3 million from US$1,8 million spurred by a solid growth in the loan book.
Margins remained subdued, a reflection of both competition and a realignment on interests rates to international norms.
Operating costs rose 12 percent to US$30,7 million due to high staff cost, which grew by 35 percent to US$18,3 million
The cost to income ratio improved from 123 percent in 2009 to 72 percent and is expected to maintain this positive trend.
Loan and advances were up 132 percent as at December 31 to US$108,8 million from US$46,7 million in the prior year.
Deposits however, slightly declined by 1,8 percent to US$221,9 million from US$224,1 million in the previous year.
This was due to a sharp decline in deposits from the services sector.
The agriculture sector and individuals, are the bank’s largest contributors of deposits at US$100 million.
Loan impairment increased to about US$1,1 million from US$768 000.
As at December 31, the bank’s capital adequacy stood at US$32 million, which is above the RBZ prescribed US$12,5 million minimum capital requirements.
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- July 30, 2026
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