{"id":50224,"date":"2021-11-22T18:50:07","date_gmt":"2021-11-22T16:50:07","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=50224"},"modified":"2021-11-22T17:46:18","modified_gmt":"2021-11-22T15:46:18","slug":"steward-bank-records-a-158-surge-in-profit-after-tax","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/steward-bank-records-a-158-surge-in-profit-after-tax","title":{"rendered":"Steward Bank Records A 158% Surge In Profit After Tax"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Zimbabwe\u2019s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during the half-year ended 31 August 2021 from ZWL211 million recorded during the same period in 2020.<\/p>\n

The surge was necessitated by an increase in net interest income, non-net interest income as well as a decrease in income tax expenses.<\/p>\n

Net interest income for the period rose by 243% to ZWL706 million from ZWL206 million in the prior year.<\/p>\n

Non-interest income rose by 54% to ZWL2 billion up from ZWL1.3 billion achieved during the 2020\u2019s corresponding period.<\/p>\n

Resultantly, net operating income was up by 29% to ZWL2 billion from ZWL1.6 billion during the period.<\/p>\n

Income tax expenses plunged by 82% to ZWL19 million during the review period from ZWL108 million in 2020 while deposits plummeted by 71% to ZW18 billion from ZWL10 billion in 2020. The Bank said in a statement accompanying the financials:<\/p>\n

The Bank has dispensed more than 55,000 digital loans to women in the half year under review and maintained a POS device complement slightly above 3, 000 in the rural areas, ensuring that sole traders and merchants operating in these areas have access to financial services.<\/p>\n

As a result, loans and advances to customers soared by 151% to ZWL4 billion from ZWL1 billion recorded during the same period last year.<\/p>\n

Total assets grew to ZWL25 billion, a 56% increase from the ZWL16 billion asset position achieved last year during the same half.<\/p>\n

The Bank zero-rated its Square Mobile Application to allow customers to transact without data thereby ensuring that customers have access to financial services at all times.<\/p>\n

The Bank added that it will focus on three pillars Digital, Disruption and Delivery during in the second half of the financial year.<\/p>\n

More: Equity Axis News<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Zimbabwe\u2019s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during the half-year ended 31 August 2021 from ZWL211 million recorded during the same period in 2020. The surge was necessitated by an increase in net interest income, non-net interest income as well as […]<\/p>\n","protected":false},"author":84,"featured_media":50223,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,3533,19],"class_list":{"0":"post-50224","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-steward-bank","14":"tag-zimbabwe"},"yoast_head":"\nSteward Bank Records A 158% Surge In Profit After Tax - zimbabwe<\/title>\n<meta name=\"description\" content=\"Zimbabwe\u2019s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/steward-bank-records-a-158-surge-in-profit-after-tax\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steward Bank Records A 158% Surge In Profit After Tax\" \/>\n<meta property=\"og:description\" content=\"Zimbabwe\u2019s largest bank by depositors, Steward Bank recorded a 158% surge in profit after tax to ZWL255 million during t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/steward-bank-records-a-158-surge-in-profit-after-tax\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-22T16:50:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-22T15:46:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/11\/img-619bbb33728f8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"447\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/steward-bank-records-a-158-surge-in-profit-after-tax\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/steward-bank-records-a-158-surge-in-profit-after-tax\",\"name\":\"Steward Bank Records A 158% Surge In Profit After Tax - 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