Banks’ cost containment measures pay dividends

by Sunday News Online | Sunday, Jul 2, 2017 | 742 views

ZIMBABWEAN banks’ aggregate net profit for the quarter to March rose 30 percent to $50 million compared to $38,55 million recorded in the corresponding quarter last year as cost containment measures in the sector begin to pay off. According to the Reserve Bank of Zimbabwe, aggregate banking sector deposits as at 31 March 2017 marginally increased by 0,61 percent to $6,55 billion from $6,51 billion as at 31 December 2016. This signifies that the sector was in a healthy position during the quarter under review. To maintain efficiency and improve their earnings capacity, banking institutions have been implementing measures such as pushing for adoption of electronic platforms and alternative delivery channels such as agency banking model.

INDUSTRIALS

The Industrial Index closed the week at 195.97 points following a 0.21 points (0,11 percent) gain. Colcom put on $0,0070 to close at $0,4100, Meikles increased by $0,0050 to end at $0,2500 while NicozDiamond was $0,0025 stronger at $0,0300. Econet advanced by $0,0023 to close at $0,3538 while FBC Holdings was up by $0,0005 to $0,1345.

Two counters lost ground as Zimre Holdings shed $0,0016 to close at $0,0140 and Delta inched down 0,0002 to end at $1,2700.

Week on week Industrial index added 4.82 points (2,52 percent).

MININGS

The Mining index was steady at 69.79 points. Bindura, Falgold, Hwange and RioZim remained unchanged at previous trading levels at $0,0300, $0,0100, $0,0250 and $0,5500 in that order.
Week on week Mining index was unchanged.

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