LEADING financial services giant Old Mutual Zimbabwe posted an inflation adjusted profit of ZWL$469 billion for the year ended December 31, 2023, largely attributable to above inflation returns on invested assets.<\/p>\n
This was compared to a loss of ZWL$154 billion for the prior year.<\/p>\n
\u201cThe result from operations which reflects the core operating performance of the group was up 177% to ZWL$842 billion on the back of growth in revenues across all business lines,\u201d group chief executive officer Samuel Matsekete said in a statement accompanying the financial results for the year ended December 31, 2023.<\/p>\n
\u201cKey topline drivers were net interest income, non-interest banking revenue, premium income and asset-based charges. Inflation adjusted total assets increased by 98% from ZWL$4,8 trillion in the prior year to ZWL$9,6 trillion as at 31 December 2023.\u201d<\/p>\n
Investment returns were ZWL$5,1 trillion, up from ZWL$423 billion achieved in the prior year.<\/p>\n
\u201cThis was largely due to the performance of ZSE [Zimbabwe Stock Exchange]-listed equities, translation gains of investments denominated in foreign currencies and gains on investment property,\u201d he said.<\/p>\n
Interest income grew 218% to ZWL$146 billion, driven by growth in loans and advances, despite tightening lending margins as the profile of the loan book became skewed to United States dollar loans.<\/p>\n
Fee and commission income for the group increased to ZWL$209 billion, an increase of 833% driven by higher nominal values of transactions in response to inflation.<\/p>\n
Total assets increased by 849% to ZWL$9,4 trillion in nominal terms, driven by investment and exchange gains. Total net equity increased by 703% to ZWL$63 trillion.<\/p>\n
\u201cWe will continue to invest in technology and process improvement efforts, while focusing on growing our customer base for both retail and corporate segments, supported by our integrated omni-channel configuration,\u201d Matsekete projected the outlook for 2024.<\/p>\n
To support growth of lending and transactional banking offering, the group will continue to engage regional and international lenders and correspondent banks to maintain and access new facilities.<\/p>\n
This will be in addition to sustaining growth in core deposits.
\nhttps:\/\/www.newsday.co.zw\/business\/article\/200025110\/old-mutual-in-massive-profit<\/p>\n","protected":false},"excerpt":{"rendered":"
LEADING financial services giant Old Mutual Zimbabwe posted an inflation adjusted profit of ZWL$469 billion for the year ended December 31, 2023, largely attributable to above inflation returns on invested assets. This was compared to a loss of ZWL$154 billion for the prior year. \u201cThe result from operations which reflects the core operating performance of […]<\/p>\n","protected":false},"author":1,"featured_media":2884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-updates"],"_links":{"self":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2883"}],"version-history":[{"count":1,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2883\/revisions"}],"predecessor-version":[{"id":2885,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2883\/revisions\/2885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/media\/2884"}],"wp:attachment":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}