Easy as ABC. . . .
AFRICAN Banking Corporation Holdings Ltd continued on its growth path, recording an after-tax profit of $8
0 billion representing a 333% increase over the comparative period.
Total income increased to $380 billion, up 234% while headline earnings per share increased to $716, up 300% from last year’s figure of $178.
The board of directors did not declare a dividend, a move meant to boost capital levels.
In Zimbabwe, the merchant bank recorded a profit of $16 billion against a comparative period value of $4,6 billion.
Net interest income of $50 billion resulted from higher levels of money market assets held.
The high cost to income ratio of 74% was attributed to retrenchment costs and is forecast to decline to around 40%.
The capital adequacy ratio of 21% is well above the prescribed 10%.
ABC Securities posted a 90% growth in profit to $9,9 billion.
Net interest income grew by 642% from the previous year’s $3 billion and the cost to income ratio was 30%.
The subsidiary has a capital adequacy ratio of 317%.
ABC Asset Finance recorded a profit of $13,4 billion spurred by net interest income accounting for 91% of total income. ABC Finance has a capital adequacy ratio of 50%.