STEWARD Bank, a subsidiary of Ecocash Holdings has seen Foreign Currency Accounts (FCA) inflows growing by 284% in the first quarter of the year on the back of an aggressive performance during the period.
Presenting a trading update Monday, Ecocash company secretary, Charmaine Daniels said significant strides were made by the bank on the FCA front.
“FCA transactions whose volumes grew by 36% against the same period last year. FCA inflows grew by 284% as compared to Q1 FY24 whilst active FCA accounts increased by 78%. Remittance volumes remain strong with an increase of 8% as compared to prior year’s period,” she said.
During the period, the bank achieved a quarterly historical revenue of ZWG403 million and a historical Profit after Tax of ZWG214 million.
Remittance volumes remain strong with an increase of 8% as compared to prior year’s period. The Bank accelerated its green energy initiatives in the quarter under review, having partnered with Distributed Power Africa to offer Power as a service (PAAS).
For the period under review, installations increased by 47% in comparison to the previous quarter. The installations cut across powering business premises and residential households ensuring that clean energy is available and contributes to the target of reducing carbon emissions by 40%. From a revenue performance perspective, the business saw its green energy revenue improve by 51%.
Capital adequacy ratio for the Bank as of 31 March 2024 stood at 44.85%, above a mandated regulatory minimum of 12%. Steward Bank is compliant with Tier 1 capital requirements as prescribed by the Reserve Bank of Zimbabwe.
“We are optimistic about the future and are well-positioned to continue building on our momentum and creating long-term value for our shareholders through continued innovation, leveraging on digital technologies, prudent cost management and optimization of our operational efficiency,” added Daniels. – NewZimbabwe
