CABS overturns 2019 deficit

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CABS has posted a $1,59 billion surplus for the year ended December 31, 2020 from a $710 million loss in 2019, driven by rising income and cost containment activities.
In a statement accompanying the institution’s results, board chairman Washington Matsaira said the performance improvement was in spite of disruptions to normal business operations caused by the Covid-19 pandemic.

On his part, managing director Mehluli Mpofu said lending to corporate clients in the agriculture sector increased during the reporting period, with foreign currency loans also on the up.
“The society continues to seek opportunities to invest in sectors that will help grow the economy.