Zim banks see profits skyrocket

HARARE - 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. 

Comments (2)

The Banks operate just Like Zanu PF - not a care in the world for their customers. Just screw the customer out of more money. "No access to real money - that's just tough luck, it's not our fault". But that is how Zimbabwe is run today. Tough luck, chaps.

Homo Erectus - 14 July 2017

Banks are making easy money as the money in the zimbabwe banking system morphs in the new zimbabwe dollar - keep your USD under your bed or under your mattress at all times

biggus dikkus - 15 July 2017

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