POSB banks on clientele growth

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THE People’s Own Savings Bank (POSB) is confident that its performance will remain satisfactory in the second half of 2023, as it continues to grow its customer base and deposits, both in the Zimdollar and the US dollar.
In a statement accompanying the bank’s unaudited financial results for the half year ended June 30, 2023, chairman, Israel Ndlovu, said POSB would also continue to introduce new and innovative products in line with its mandate of promoting financial inclusion.
“POSB remains optimistic that economic growth will improve in year 2023 on the back of a better agricultural season, increased mining output and improved services sector performance.

“The continuous implementation of a tight monetary and fiscal policy is expected to increase macroeconomic stability and which is expected to ease inflation by end of year 2023,” Ndlovu said.
“However, the uncertain global economic outlook due to geopolitical tensions coupled with climatic shocks and exchange rate volatility remain the major risks affecting economic growth.
“The bank is determined to continue creating value for its stakeholders through consolidating the current products and services and the timely introduction of new offerings.
“The bank will continue to use its wide service centre network, digital channels, and agency network in order to provide efficient and convenient services to its customers.”
POSB expects its partial privatisation to be completed during the first quarter of 2024.
“The bank is one of the state-owned enterprises earmarked by the government for partial privatisation. Work is progressing and to date, the consultants (KPMG) have presented an updated list of prospective investors.
“Furthermore, a call for expression of interest has been published in the local newspapers and it is anticipated that the partial privatisation project will be concluded by the end of the first quarter of the year 2024,” Ndlovu said.
In inflation adjusted terms, POSB reported a profit of $61,74 billion from a profit of $1,46 billion recorded in the six months ended 30 June 2022, while in historical terms, the bank posted a net profit of $63,76 billion up from $1,66 billion recorded in the comparative prior period. Net operating income for the half year increased by 553 percent to $168,34 billion from $25,76 billion achieved in the comparative prior period.
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