CABS has recorded a net surplus of $24,03 million for the year ended December 31 2014 up from $18,30 million in 2013.
BY VICTORIA MTOMBA
In a statement accompanying the group’s financial results, the group said inflation closed the year at -0,8%, reflecting the dampening inflationary pressures, on the back of cheaper imports, mainly from South Africa and limited access to credit lines by key productive sectors of the economy due to liquidity constraints.
“Net interest income increased by 32%, compared to the same period in 2013. Non interest income increased by 51% due to the increase in the number of transactions passing through the society’s various delivery channels,” the group said.
Operating expenses for the society increased by 37% due to the impact of business growth and transformation.
The society’s cost to income ratio decreased to 63% in 2014 from 64% in 2013.
The society’s assets increased by 37% to $852,35 million from $623,3 million in 2013 due to the deposit growth of 41% during the period under review.
Total loans and advances for the society went up 38% to $443,53 million during the 12 months under review from $322,31 million in 2013.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
During the period under review CABS rebranded its branches and deployed more Automated Teller machines in the country for easy accessibility.
The society secured $35 million from Proparco, a French development institution and PTA Bank. During the year under review the Budiriro housing project was launched where 2 700 housing units were constructed.
The society was still allocating the housing units in Budiriro and as of January 332 stands were allocated. The society this year reduced by half the deposit that was required to secure the housing units. Home buyers were required to pay a 25% deposit for the Budiriro stands but the deposit has been reduced to 10% this year.
Initially, two-roomed CABS houses in Budiriro cost $22 000 and the deposit was $5 874, while the four-roomed houses cost $27 000 with a deposit requirement of $7 258.
