ZIMBABWE’S ZB Bank, continues to trade profitably and is ahead of its year-to-date budget projections, group chief executive officer Ronald Mutandagayi has said.
BY MTHANDAZO NYONI
Addressing delegates at the Institute of Chartered Accountants of Zimbabwe winter school held in Victoria Falls recently, Mutandagayi said the bank was healthy.
“As you may be aware, we recently held our annual general meeting and released our trading update to the market. I’m pleased to advise that the group continues to trade profitably and is ahead of our year-to-date budget projections,” he said.
“We are now in a closed period for interim results for the year, which will be announced in the next ten days. The bank remains our flagship as we pursue our digitalisation strategy.
“In this regard, we continue to encourage our customers to embrace technology and come on board and make use of internet banking and all mobile banking applications.”
In the financial results for the year ended December 2017, the group’s net profit-after-tax was up 36% from $11,4 million in 2016, to $15,5m in 2017.
Mutandagayi said the bank recently partnered with ZymPay to offer services that would enable people in the Diaspora to pay fees to schools in Zimbabwe.
“This will ensure that our customers in the Diaspora as well as stakeholders such as schools, colleges and universities go big in their financial endeavors,” he said.
“We will soon be loading up to the platform other value-added services such as mortgage repayments and health for the convenience of our customers. This is in line with the diaspora strategy that we are pursuing and complements our international banking facilities as well as money transfer services.”
The ZB Bank boss said their financial institution had carved a niche in the market for developing funding structures for infrastructural development.
“Currently, we are, for the second year running, handling mandates for the Zimbabwe National Roads Authority towards the emergency road rehabilitation programme,” he said.
“The structure which is running is to the tune of $150 million and once completed, an amount of $60 million is already in the kit.”
On back borne electricity infrastructure, Mutandagayi said the bank had partnered with the Zimbabwe Electricity Transmission Distribution Company and so far they have connected over 4 000 households in Marondera.
The bank is presently installing solar street lights in universities.