Steward Bank records 103% profit after tax

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Harare – Steward Bank has recorded a 103% growth in net operating income (NOI) in the half year results announced by  a senior official on Monday.

NOI is a company’s income after operating expenses are deducted , but before income tax and interests are deducted.

Announcing the bank’s half year (HY)results on Monday, Steward bank Chief Executive Officer Lance Mambondiani said in the period under review, the bank  also recorded a 76% growth in total assets.

“It has been a busy HY for us . Incredibly proud of the Purple Team for achieving a 103% growth in net operating income, 76% growth in total assets, 123% growth in PAT to become the second best performing bank in the country by profitability and the largest by number of customers in a matter of four  years,” he said.

Mambondiani said despite the positive results, the bank was not resting on its laurels.

“We still have much to do and more to improve on, our commitment to this cause is unwavering. Special thanks to all our customers for for believing in us in an extremely challenging environment,” he added.

In the full year ended February 28 2018, the bank recorded a profit before tax of $32,7 million , a 133% jump from the 2017’s figure of $8,4 million.

Steward Bank was launched in July 2013 following Econet Wireless Zimbabwe’s acquisition of TN Bank, a subsidiary of TN Holdings Limited.

Following its launch, the Bank has since positioned itself as a mass-bank, focused on providing banking solutions through the use of technology.

Steward Bank is the first bank in the country to have convergence with telecommunications .

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