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Brighton Gumbo Business Reporter
STANBIC Bank Zimbabwe’s profit after tax grew by 10 percent to $10.5 million in the first half of year 2015 compared to prior year, board chairman Sternford Moyo has said.

He attributed improved performance to the 11 percent growth in interest earning assets from $332 million in December 2014 to $367 million.

“The bank’s fee and commission income grew by 13 percent to $17.7 million driven mainly by the increase in transaction volumes being processed through our service channels,” said Moyo in a statement accompanying the bank’s financial results for the period.

“Operating expenses increased by five percent to $25.1 million because of the increase in transaction processing costs experienced during the period under review due to the impact of business growth.”

Moyo said the first half of the year saw the financial institution’s qualifying core capital rising to $81.6 million against the regulatory minimum of $25 million.

The bank is on course towards meeting the regulatory minimum capital of $100 million by 2020.

The bank commended the government for continued engagement with international partners such as the International Monetary Fund (IMF), the World Bank and African Development Bank during its policy formulation process.

Moyo said during the period under review the bank complied with regulatory requirements and central bank directives, in all material respects.

In April this year the bank declared and paid a final dividend of $7.5 million for the year ended December 31, 2014.

“On 30 June the directors declared an interim dividend of $10 million for the year ending 31 December 2015,” said Moyo.