ECOBANK Zimbabwe will continue to adopt products that are customer-specific in addressing customer’s financial needs and banking convenience, it has been revealed.
In its financial results for the half year ended June 30, 2024, Ecobank chairperson Emmanuel Gwatidzo unveiled the bank’s future strategies on how it would provide new services to their customers.
“The bank forecasts growth in the medium-term in identified strategic segments and consolidated mature segments,” Gwatidzo said.
“The bank continues to adopt products that are customer-specific in addressing customers’ financial needs and banking convenience.”
He said the financial institution would leverage its competitive network advantage across Africa to provide a seamless banking experience for their customers.
The bank is a subsidiary of the Togo-based pan-African banking institution, Ecobank Transnational Incorporated.
Through its expansion and providing services to its customers, Ecobank opened a state-of-the-art branch in Gweru on June 3 this year to serve its customers in the Midlands province.
Despite changes in the operating fundamentals, Ecobank remained profitable for the first half year of 2024, recording a profit after tax of ZiG451,9 million, up 114,09% from the comparable period last year.
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Driving this profit was the bank not recording any net monetary loss during the period under review, compared to last year when it recorded a net monetary loss of ZiG1,63 billion over the same period.
The first half saw the bank record net interest and non-interest income of ZiG153,16 million and ZiG519,82 million, respectively, from the 2023 comparatives of ZiG613,72 million and ZiG1,92 billion.
However, loans and advances remained flat during the period under review at ZiG3,01 billion.
“The bank’s balance sheet is standing at ZWG 7,5 billion largely dominated by monetary assets and liabilities. Total core capital for the bank as at June 30, 2024 was ZiG518 million,” Gwatidzo said.
Ecobank Zimbabwe managing director Moses Kurenjekwa said the bank’s strategy was to deliver market-appropriate pan-African banking solutions and products.
“As a bank, we will continue to navigate the evolving environment with optimism to ‘grow, transform and deliver returns to our stakeholders,” he said.
“Our business model is resilient, adaptable and positioned to exploit opportunities arising out of this ever-dynamic environment leveraging our network advantage and payment footprint.”
Kurenjekwa said the bank’s focus would be on effective cost management and enrichment of its revenue streams.
This comes as during the period under review, specifically the first quarter, the market experienced a turbulent operating environment from the volatility of the exchange rate.
