adminlatest half-year period compared to the US$450 890 recorded in the prior comparable period.
During the period, the group’s total asset base grew by 153 percent to US$40 million following the injection of capital by Trebo and Khays.
Shareholders’ funds grew from a negative US$10,4 million to a positive US$18 million from the capital injection. During the half-year, Trebor and Khays injected US$22,8 million into the bank, which has resulted in it being fully recapitalised.
Meanwhile, ZABG chief executive officer Mr Stephen Gwasira said the bank has commenced initiatives to comply with the new Reserve Bank of Zimbabwe minimum capital requirements of US$100 million.
“ZABG Bank has started working on initiatives aimed at raising more capital. The bank is certain that these efforts will be successful and that the desired objectives will be achieved,” he said in a statement.
The group’s net interest income declined by 24 percent against the backdrop of reduced loan underwriting capacity, leading to a 30 percent reduction in total income.
“Cost management was a key strategy and we managed to reduce our operating costs by 25 percent,” said Mr Gwasira.
In terms of outlook, the ZABG Group anticipates that as a result of the achieved recapitalisation, the bank has a stronger balance sheet and greater strategic focus going forward.
Online Reporter