Metbank opens exporters' hubs

 Metbank opens exporters' hubs
Published: 06 September 2018
METBANK has opened an exporters' hub in Harare aimed at stimulating the country's economic growth through increased production.

This was after the bank had earlier in the year signed agreements with the Grain Millers Association of Zimbabwe and the Oil Expressers Association to bolster exports. The bank's interventions in Zimbabwe have also included working with artisanal miners in order to improve gold output, which.

Pamela Muzenda, the head of export finance at Metbank, said in Harare last week that the trade and export finance centre will offer several services including market intelligence for exporters.

"We have decided that instead of supporting individual members, we support the whole value chain," said Muzenda, who gave a presentation at a conference organised by CEO Africa Round Table.

"We have launched the trade and export finance centre. If you are an exporter or if you are traveling and you want to something about your destination, we can do an intelligence brief for you," she said.

Muzenda said Metbank had limited its branch network to five in order to leverage on the rapid rise in technology banking platforms, which have made the need for brick and motor banking less important.

In March, GMAZ appointed Metbank as its financial advisor on an $8 million silo facility that is meant to fund the rehabilitation and repair of Grain Marketing Board silos.

"GMAZ, the apex representative body of the grain milling industry, is pleased to advise that it has appointed Metbank Limited as its financial advisor on the $8 million silo funding facility that it has extended to government designed to complement its efforts in the rehabilitation and repair of Grain Marketing Board silos," Tafadzwa Musarara, the organisation's president said.

He said Metbank's role will be to negotiate financial terms and ensure the successful performance of the facility. It will also be responsible in the procurement of nostro currency for GMAZ members for both outstanding payments and future shipments of mainly wheat and rice.

The latest development comes after Metbank said profit after tax in the half year to June 2018 went up by 555 percent to $2,7 million on the back of increases in income from lending activities and commissions.

Interest income increased by 149 percent to $8,7 million from $3,5 million in 2017, while commissions and other operating income was up by 58 percent at $9,3 million from $5,9 million, over the same period.

The increase income from lending activities was due to a significant increase in the bank's loan book, which grew 41 percent from $74 million in December, 2017 to $105 million as at June, 2018.

"The bank's business development efforts continue to bear fruit as evidenced by the growth in the deposit base from $160,34 million as at December, 2017 to $166 million as at June, 2018. A new and much stronger balance sheet is now emerging whilst a solid base for sustainable profits has now been set," said Wilson Manase, Metbank's board chairman.

The bank's assets grew seven percent during the period under review from $335 million to $357 million.

The bank has maintained an exceptional non-performing loans ratio which it attributes to prudence in its lending process.
- fingaz
Tags: Metbank,


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