BancABC recently released their financial results for the first half of 2020. From what the figures show BankABC has a very good first half of 2020 and this is considering the effects of the COVID-19 Pandemic. For example, their profits for the first half of 2020 were ZWL$361 million (adjusted for inflation) for the 6 month period ending June 30th, 2020. Overall bank profit made a 1046% jump from ZWL$62 million to ZWL$710 million.
“In the period under review, the bank has made significant progress building on the momentum created in the last half and providing financial solutions to the increasing number of customers who favour us
Albert Katsande, BancABC Chairman
with their custom”
Virtual platforms a factor for BancABC profits and adding 20 000 new customers per month
BancABC, in part, attributed this jump in profits to the digital platforms they made available to their customers. The bank launched Branch X which is a virtual banking platform. This allowed customers to have the convenience of not having to visit a branch in order to access banking services.
They also launched Dial-A-Visa (Prepaid Visa card) which is a service that allows customers to order a Visa card online. The service also included delivering the customers card to their home within 24 hours. They also added a WhatsApp banking platform for their retail customers.
“Despite a challenging economic environment compounded by the Covid19 pandemic, the bank has been going through an exciting and significant transformation in the last few months, resulting in a resurgence in performance and repositioning in the market. In this half-year under review, the bank reported consistently strong financial results with all indicators showing strong positive trends.”
Albert Katsande, BancABC Chairman
Albert Kastande went on to say that the substantial improvement in services across all platforms resulted in BancABC adding 20 000 new customers every month for the last six months.
The deployment of their digital platforms to accommodate the growth in the number of customers was a key driver in digital income growing by 202% and 1815% (adjusted for inflation). BancABC also saw an increase in total assets by 34% and 218% recording figures of ZWL$9.4 billion and ZWL$7.7 billion when adjusted for inflation. The bank concurrently saw a marked fall in NPL ratio (nonperforming loan) from 6.7% to 2.2% over the six month period.
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