Zimbabwe banks see profits skyrocket

Zimbabwe banks see profits skyrocket
Published: 14 July 2017
Zimbabwean banks are seeing their profits skyrocket despite the tough operating environment, making more money from trading and mostly electronic transactions, financial research firm Equity Axis has said.

CBZ, Barclays, NMB, ZB and Agribank - the only banks that have released their trading updates during their annual general meetings - have all registered big increases in revenues and profits, while the national economy continues to struggle.

"The growth in non-funded income was spurred by e-channel business steam-rolled by the migration to a cash-lite society in light of the cash liquidity crisis," Tinashe Kaduwo, an economist at Equity Axis said.
- dailynews
Tags: Banks,


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