HomeBusinessAfrAsia bank records $9,1m loss

AfrAsia bank records $9,1m loss

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AFRASIA Bank Limited has recorded a loss of $9,1 million for the year ended June 30 2014 due to a revaluation loss on investment in FDH Malawi amounting to $4,5 million.

BY TARISAI MANDIZHA

In the 18 months ended June 30 2013 the group recorded a loss $16,2 million.

In a statement accompanying the group results, Afrasia chairperson Fungai Ruwende said: “The group was not spared from the harsh economic conditions that prevailed during the period under review.

The persistent liquidity shortages created challenges in meeting customer cash requirements and hampered creation of interest earning assets.

“This resulted in the group posting a loss amounting to $9 086 020 for the 12 months ended June 301 2014 compared to a loss of $16 195 753 posted for the eighteen months ended June 2013.”

In the period under review, Afrasia Bank Zimbabwe Limited reported a loss for the period of $5,2 million compared to a loss after taxation of $20,2 million reported for the 18 months ended June 30 2013.

Ruwende said despite making a loss the bank managed to reduce the impairment loss on loans and advances to $2,1 million from $23,5 million reported for the 18 months ended June 30 2013.

MicroKing Finance private Milited recorded a profit of $568 644 compared to $3,7 million reported for the 18 months ended June 30 2013.

“Microking has remained a profitable business despite the multiplicity of challenges posed by the tough operating economic environment that prevailed during the period under review,” he said.

During the period under review Afrasia Capital Management Private Limited.

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