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.