CABS reports that its $90 million credit deals with regional banks have already helped Zimbabwe's economy grow. These loans came from the African Export Import Bank and the Trade Development Bank. The banking arm of Old Mutual Zimbabwe shared this news in its yearly report ending December 2024. They stressed how much they cared about making Zimbabwe's economy stronger. Their loans increased 14.37% to $192.03 million last year, mainly supporting business and industry needs.
Money went next to personal loans and housing projects. Their income from these loans jumped to $21.92 million, up 5.5% from 2023. Managing director Mehluli Mpofu said CABS wants to help develop the country's economy. He explained that they provide working money and equipment loans to businesses that make things. The bank worked with farmers, miners, and builders during 2024. They renewed their $40 million deal with Afreximbank and made their agreement with the Trade Development Bank bigger at $50 million.
Customer deposits reached $241.13 million by December 31, 2024, growing almost 9% since 2023. Mpofu claimed this money created jobs, increased tax money, and helped families eat better when invested in local businesses. The bank also created special trade deals, helping companies buy materials and equipment from other countries. Their fees and service charges brought in $45.94 million, 17.52% more than last year. Running costs stayed about the same during this time.
The bank's yearly profit fell 54.79% to $31.87 million because other income shrank from $89.31 million to $17.46 million. This happened mainly because Zimbabwe changed its main currency from local currency to US dollars. This change caused exchange gains to fall by $49.9 million and property values to drop by $18.53 million. Thanks to more loans, cash, and other assets, total assets almost hit $500 million by the end of 2024.
Chairman Washington Matsaira mentioned that money has been hard to find since January. He said this limited cash helped keep exchange rates steady, but he worries it might limit loans and slow down business growth. Matsaira promised CABS will keep focusing on what customers need by adjusting to market changes but staying responsible with money. The bank plans to balance meeting customer needs with smart business practices as it moves forward.
Money went next to personal loans and housing projects. Their income from these loans jumped to $21.92 million, up 5.5% from 2023. Managing director Mehluli Mpofu said CABS wants to help develop the country's economy. He explained that they provide working money and equipment loans to businesses that make things. The bank worked with farmers, miners, and builders during 2024. They renewed their $40 million deal with Afreximbank and made their agreement with the Trade Development Bank bigger at $50 million.
Customer deposits reached $241.13 million by December 31, 2024, growing almost 9% since 2023. Mpofu claimed this money created jobs, increased tax money, and helped families eat better when invested in local businesses. The bank also created special trade deals, helping companies buy materials and equipment from other countries. Their fees and service charges brought in $45.94 million, 17.52% more than last year. Running costs stayed about the same during this time.
The bank's yearly profit fell 54.79% to $31.87 million because other income shrank from $89.31 million to $17.46 million. This happened mainly because Zimbabwe changed its main currency from local currency to US dollars. This change caused exchange gains to fall by $49.9 million and property values to drop by $18.53 million. Thanks to more loans, cash, and other assets, total assets almost hit $500 million by the end of 2024.
Chairman Washington Matsaira mentioned that money has been hard to find since January. He said this limited cash helped keep exchange rates steady, but he worries it might limit loans and slow down business growth. Matsaira promised CABS will keep focusing on what customers need by adjusting to market changes but staying responsible with money. The bank plans to balance meeting customer needs with smart business practices as it moves forward.
