Cabs in $39,2m profit

HARARE – Old Mutual Zimbabwe’s mortgage lender, Central African Building Society (Cabs), recorded a $39,2 million surplus in the year to December 2016 up from $28,3 million.

Cabs chairman Leonard Tsumba said while the group had managed to grow its net surplus by $11 million, total assets had also increased.

“Compared to the previous period, net interest income was constant and non-interest income increased due to higher transaction volumes in response to the society’s investments in digital channels,” he said on Thursday.

“While operating expenses increased, the movement in provisions through the profit or loss declined as a result of the recovery of some loans previously provided for. Total assets increased to $1,07 billion from $1,04 billion in 2015,” Tsumba said in a statement accompanying the company’s financials for the year.

As at December 31, 2016 the society’s prudential liquidity ratio at 38 percent, was higher than the regulatory minimum of 30 percent.

“The society remained well capitalised throughout the year and was compliant with all regulatory benchmarks for capital. The existing regulations require Tier 1 banks to achieve a minimum capital of $100 million by 2020 and the society expects to remain compliant with this requirement,” the Cabs boss said.

Meanwhile, the society is anticipated to soon launch a $6 million housing project in Bulawayo to develop 1 000 stands, in the city’s Nkulumane area.

Old Mutual group chief executive, Jonas Mushosho, on Wednesday said Cabs’ Nkulumane housing project was going to be similar to the group’s Budiriro housing development scheme, under which 3 000 houses were built.

Mushosho told analysts at a presentation of the group’s 2016 results that the Bulawayo project was part of its $62 million scheme to build 15 000 housing units over five years launched in December 2013.

Cabs managing director Simon Hammond said the mortgage lender was still finalising the project and servicing of stands will start in the next few months, as the group plays its part in bridging the country’s 1,2 million housing backlog.

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