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Harare - Old Mutual's [JSE:OML] Zimbabwean banking unit CABS recorded strong growth in both income and profitability for the full year ended December 31 2014.
According to results released by Zimbabwe’s biggest mortgage lender, profit for the period amounted to US$24.0m, up $31% from $18.3m in the prior comparative year.
Net interest income increased by 32%, while non-interest income was up by 51%.
Total assets increased by 37% to $852.3m, driven by a 41% rise in deposits to $651.4m. Loans and advances went up by 38% to $443.53m.
CABS is wholly owned by Old Mutual Zimbabwe, while Old Mutual PLC is the ultimate holding company.
24 Mar 2015
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Old Mutual's Zim unit bucks negative trend
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