Metbank records US$547 million income, seeks funds...

Metbank records US$547 million income, seeks funds to support clients

Zim Now Writer

Metbank has reported a comprehensive income of US$547.8 billion compared to US$66.8 billion for the year ended December 31, 2023.

The gains were underpinned by revaluation gains of their investment property portfolio, which was a result of decisive strategic actions made by the Bank to hedge the balance sheet against exchange rate and inflationary pressures.

Board chairperson, Dr Linda Chipunza said the continued local currency depreciation resulted in increased operating costs in the review period.

“The Bank’s focus remained on increasing foreign currency revenue streams through underwriting loans denominated in foreign currency to act as a hedge against exchange rate depreciation and inflation that will also produce long-term, sustainable profitability.

“The operating environment remains challenging but we remain optimistic that the Bank will maintain an upward growth trajectory, anchored by its strong statement of its financial position. In the implementation of the Bank’s strategy for the delivery of unique customer value propositions, innovation and digitalisation remain our core objectives.

“Operational and financial resilience is of paramount importance to the Bank supported by robust business continuity and succession planning arrangements. The Bank’s board of directors therefore remains resolute with the responsibility of protecting the interests of stakeholders,” she said.

The bank said its capitalisation will continue to be driven through organic growth with any anticipated shortfalls being covered through shareholder injections.

Metbank has continued to focus on its digitalisation drive in order to enhance customer satisfaction and convenience.

Dr Chipunza also revealed that the bank is seeking funds from external partners to support its clients through long-term capital financing.

Through securing funds from external partners, Metbank aims to inject vital capital into sectors crucial for national development, thereby fostering sustainable economic expansion.

“Metbank will continue to engage with all the relevant funding partners in raising long-term capital to support the country’s economic development aspirations.

“Long-term capital financing offers several distinct advantages to both businesses and the economy at large.

“This provides stability and assurance to industries, enabling them to undertake large-scale projects and long-term investments with confidence.

“The Bank remained compliant with the revised regulatory minimum capital requirements for commercial banks and is pleased that it has continued to grow its capital base well beyond the minimum thresholds,” she added.