Ecobank H1 PAT up 50pct

HARARE,– Ecobank Zimbabwe posted a 52 percent growth in after tax profit to $3,4 million for the six months to June, 30, from $1,6 million in the comparable period last year.

Net interest income was 15 percent up to $7,5 million from $6,4 million last year.

“This was a result of combined effect of improved quality in earning assets and reduced cost of funds which helped offset the impact of falling lending margins due to regulatory and markets forces,” said managing director Daniel Sackey in a statement accompanying financial results.

Total deposits grew by 13 percent to $191 million in the six months.

Sackey has since been moved to Ghana to head Ecobank’s West African Anglophone operations.
The bank’s capital stood at $48, 4 million, a growth of 17 percent year on year.

Operating costs fell three percent to $7,4 million due to cost containment initiatives.

Loans and advances were 22 percent lower at $136 million from 165 million as at 31 December 2015.
Assets were 12 percent up to $262,7 million from $234 million in December 2015, driven by growth in liquid assets on the back of successful deposit mobilisation initiatives. – The Source

Arts & Entertainment

mary-j-hillary
Arts & Entertainment

Mary J Blige mocked on Twitter for serenading Hillary Clinton

29th September 2016 Staff Reporter 0

R’n’b singer Mary J Blige has inadvertently become the butt of jokes after serenading presidential hopeful Hillary Clinton. The No More Drama songstress burst into song in a preview for her sit-down with the Democratic […]

Singer Bruce Springsteen performs with the E Street Band during his concert in Cape Town, in this January 26, 2014 file photo. REUTERS/Mike Hutchings/Files
Arts & Entertainment

Bruce Springsteen becomes a best-selling author before he’s even been published

29th September 2016 Staff Reporter 0

It was Bruce Springsteen’s elated feeling after performing at the Super Bowl halftime show in 2009 with the E Street Band led him to write about his experiences. Seven years later, the iconic musician had […]