DEPOSIT fees and related bank charges constituted 86% of ZB Financial Holdings (ZBFH) total earnings of $234 million in the nine months ended September 30 2019.<\/p>\n
In the financial institution\u2019s trading update released Monday, ZBFH said these fees accounted for a greater proportion of the group\u2019s total earnings.<\/p>\n
\u201cFor the nine months ended 30 September 2019, total revenue grew by 294 % to $234.1m from $59.4m achieved in the comparative period in 2018. Non-funded income contributed 86% of total revenue, while net interest income contributed 14%,\u201d the update reads.<\/p>\n
Operating expenses increased by 109% from $42 million for the nine months ended 30 September 2018 to $87 million for the nine months ended 30 September 2019.<\/p>\n
This cost out-turn is below inflation because increases in salaries and wages have lagged behind Year-on-Year inflation, last reported as 175.66% as at 30 June 2019.<\/p>\n
The Group attained a profit after provisional taxation of $125.3m for the nine months during the period under review.<\/p>\n
Spurred by a significant contribution from fair value credits and exchange gains from the revaluation of its foreign exchange position, the Group achieved an upsurge in total revenue.<\/p>\n
\u201cThis represents an 806% increase from $14 million posted in the comparative period in 2018. The group\u2019s total asset base grew by 128% to $1.5 billion as at 30 September 2019, which was 128% from the closing balance for the prior year $663.2 million as at 31 December 2018.<\/p>\n
Total earning assets were at $830 million, having increased by 83% over the same period.<\/p>\n
However, ZBFH has predicted a gloomy outlook going forward owing to macro-economic challenges despite current government interventions to address the problems.<\/p>\n
The bank has cited the continued shortages of foreign currency and local bank notes, a rapidly depreciating local currency against major currencies, shortages of fuel and energy amid declining household disposable income levels, as threats characterising the current operating environment.<\/p>\n","protected":false},"excerpt":{"rendered":"
DEPOSIT fees and related bank charges constituted 86% of ZB Financial Holdings (ZBFH) total earnings of $234 million in the nine months ended September 30 2019. In the financial institution\u2019s trading update released Monday, ZBFH said these fees accounted for a greater proportion of the group\u2019s total earnings. \u201cFor the nine months ended 30 September […]<\/p>\n","protected":false},"author":84,"featured_media":16892,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[239,1168],"class_list":{"0":"post-16890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-economic-chaos","10":"tag-zbfh"},"yoast_head":"\n