March is that time when most banks in Zimbabwe publish their financial results. Last year’s banking environment was affected by many negative factors including chronic cash shortages, illegal multi-tier pricing, foreign currency shortages, termination of some services that required foreign currency etc. In that light, it is understandable that one can expect bad performance for the majority of banks but surprisingly the few results that have been published already are promising good results for the remaining 12 banks.
Here is a list of the 8 banks that have published their results. We will keep on updating the list as more banks publish their financial statements.
Ecobank $22million profit
Cabs$ 27.8million profit
NMB Bank Limited $9.9million profit
ZB Bank $15.5million profit
Agribank $7.9million profit
POSB $11.3million profit
FBC Holdings $23million profit
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8 comments
i think this is their most profitable period ,what with all those queues ,giving pipo $20-50 …charging .05-35 cents for every transaction …fewer employees ,more transactions !
What about the I.T costs for processing all those transactions? Shouldn’t that be driving costs up?
most I.T costs are fixed they don’t change much with the volume of transactions
I expected the links in this article to take me directly to the financial results if each bank.
Change your title to “Banks Post Profits THANKS TO Cash Shortages Faced By Customers: Here Is A List Of Banks That Made Profits.”
Those guys are enjoying every minutes of this – maybe not the employees who have to be on the ground, but the top management and board members are laughing all the way to the… you know.
How is this a story?
It drives home my point, Techzim shouldn’t do Business articles, they don’t have business journalists.
Banks don’t make profit by moving hard, paper cash: cash doesn’t move in America, their banks post profit.
The shortage of cash makes banks earn more: more swipe transactions = more charges = profit.
The banks are smiling all the way to the bank thanks to cash shortages. Even eco-cash is happy.
CABS made a profit of $41 million. not $27 million
I look at it as complete fraud created by RBZ.to shame the poor of this country. Is the President going to replace the present RBZ Gov?