CABS, a banking institution part of Old Mutual Zimbabwe, secured $107 million in credit lines by June 30, 2024, mainly for lending to key sectors of the economy. The agriculture sector received the most support at 29%, followed by energy at 10% and mining at 8%.
CEO Samuel Matsekete highlighted that the bank is maintaining its international credit lines and has seen growth in lending to retail and commercial services. The bank’s non-performing loan ratio is stable at 0.9%. However, US dollar deposits fell to 81%, while demand for US dollar loans rose to 95%.
Matsekete noted that the bank leads in point-of-sale services at 32% market share and has introduced new services like deposit-taking ATMs and specialized branches, including one for NGOs. The bank is also investing in technology to enhance customer experience.
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The bank reported a surplus of Zig110.3 million, with a net interest margin of 6.4%. Despite a 33% drop in net interest income, fee and commission income rose by over 55%. The balance sheet grew by 4.2% mainly due to credit draw-downs of $34 million.
Managing Director Mehluli Mpofu mentioned ongoing innovations to improve customer experience, including enhancements to the mobile app and digital channels. The bank plans to continue developing solutions to benefit both customers and employees.
