CABS to hand over housing units

Published: 20 March 2014

Central Africa Building Society (CABS) says the $62 million low cost housing scheme in Budiriro is nearing completion with units expected to be handed over to buyers by the end of the first quarter.

In a statement accompanying financial results, Cabs said 1 593 houses will be handed over by the end of phase 1 of the project. The project started in 2011 and is part of a five-year plan to build 15 000 low income housing units across the country.

During the year ended December 31 2013, Cabs recorded a surplus of $18,3 million. Net interest income increased by 10 percent from $29,7 million to $32,6 million in line with the increase in loans and advances. Net interest income contributed 56 percent of the society's total income.

Loans and advances recorded a 16 percent increase to close the year at to $322,3 million from $278,1 million in the comparable period. Non-interest income increased by 13 percent mainly due to increases in the number of transactions through the various delivery channels. Operating costs went up 33 percent to $37,5 million from $28,2 million in the prior year. Cost to income ratio increased from 56 percent in 2012 to 67 percent in 2013.

The society's total assets increased by 28 percent during the period under review from $487,9 million to $623,3 million driven by deposit growth of 30 percent from $355,9 million to $461,5 million in the review period. The liquidity ratio increased from 33 percent in 2012 to 41 percent in 2013 Fair value adjustment on investment property was $151 374 down from $1,5 million in the previous year.
- BH24

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