ZB Financial Holdings says processes towards the readmission of their VISA platform are at an advanced stage saying Substantial work has been completed in satisfying the Plastic Card Industry Data Security Standards (PCIDSS), a pre-requisite for VISA accreditation.
Addressing the media in the capital yesterday,the group Chief Executive Officer Ronald Mutandagayi said they managed to mobilise a total of $30 million in lines of credit with regional banking partners.
“The Group has been able to mobilize a total of $30 million in lines of credit with regional banking partners,these facilities are expected to support productive sector recovery and stimulate export performance,” he said.
Meanwhile the group total income increased by 12% from $34.5 million for the half year ended 30 June 2017 to $38.6 million for the half year ended 30 June 2018.
According to Mtandagayi,the increase is primarily driven by an expansion in net income from lending activities which increased by 39% as well as an increase in other operation income which increased by 14%.
“The increase is primarily driven by an expansion in net income from lending activities which increased by 39% as well as an increase in other operation income which increased by 14%.
“Despite a 1% reduction in interest income from $13.3 million to $13.2 million, net interest income increased by 12% from $9.1 million to $10.2 million as interest paying liabilities re-priced faster than assets in an environment in which rates fell down.
“The net income from lending activities, at $10.9 million in 2018 compared to $7.9 million in 2017, is enhanced by a net recovery from non-performing loans of $0.7 million, against a charge of $1.3 million in the corresponding period in 2017,” he said.
He added that Net revenues from the Group’s insurance activities remained flat at $4.9 million, with gross premiums having increased by 6%.
“Net revenues from the Group’s insurance activities remained flat at $4.9 million, with gross premiums having increased by 6% from $15.5 million for the half year ended 30 June 2017 to $16.5 million for the half year ended 30 June 2018.
“The increase in gross premiums was largely influenced by increased business outturn from the life assurance operations at 18% whilst the reinsurance premiums remained flat against the backdrop of reducing external business as foreign exchange risk became more amplified,” said Mutandagayi.
