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BARCLAYS Bank Zimbabwe’s after tax profit for the full year to December doubled to $6,6 million from an improved interest income despite recording a 17 percent fall in deposits.Net interest income was 15 percent up at $14,1 million while gross loans and advances were six percent up at $124,5 million. Customer deposits fell to $206,4 million compared to $248 million in the prior period.

Managing director George Guvamatanga said that the bank would in the future seek to widen its customer base to include cash generating state- owned enterprises and government institutions.

“One of our strategies will be to target some government and quasi-government departments. While their balance sheets might be weak you will see that their cash generating capacity is quite high so we will be tailoring our products in line with their demands,” he said.

Cash generated during the period under review totalled $7,9 million from $6,7 million recorded in the previous year

“We believe there is still much we can do to address cost base in relation to lower margins,” said Guvamatanga indicating that the bank would invest in its technology infrastructure to enhance its e-Banking facility.Operating expenses shot up 11 percent to $37,5 million.