Steward Bank, the financial services institution owned by local mobile network operator Econet Wireless published its most impressive set of financial results to date with its first-ever annual profit.
For the financial year ending on the 29th of February 2016, it registered a profit of $6.2 million, posting a strong recovery from the $8,3 million loss registered a year before and maintaining the momentum from its positive half-year results.
This marks a commendable comeback for Steward Bank which, a little over two years ago, was recording half-year losses of $24 million.
According to the bank’s Chairman Oluwatomisin Adeola Fashina, profitability was achieved by a growth strategy centred around cleaning up its loan book, managing costs, zeroing in on a transactional model and supporting EcoCash.
It has registered an increase in transactions for its e-banking, POS and ATM channels and it has magnified its presence courtesy of 3,000 agent bankers. It also managed to sign on 60,000 new customers in 2015.
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3 comments
okay but there feels like there is something that youre not telling us. what is that m chairman ???
good but when are the loans and mortages coming cz right now you dont exctaly own the clients they have every reason to move since they lose nothing.
props and all but want to know that my account will benefit me in some way in the future. otherwise you motivation to keep my salary there wont be the best cabs gives me 25000 in loans and charges me $3 but still i can own a home.
Very good analysis. I think their sticking stuff is customer convenience on the e-transaction part. They are also aided by the dinosaur mentality of the competition. Was surprised to hear that Standard Bank is going e-banking in a big way. Proves that even a elephant can turn. Hope they listen to your useful feedback.