Tight liquidity chokes Steward’s income

STEWARD Bank (Steward) recorded a 48 percent decline in net interest income to $10,5 billion for the half year ended August 31, 2023, owing to tight liquidity conditions.
This comes as authorities have maintained a tight monetary policy since the start of the year, which has in some cases resulted in an acute shortage of the Zim dollar in the market.
The decline in net interest income is from a 2022 comparative of $20,4 billion.
“Inflation-adjusted net interest income decreased by 48 percent in the comparative period due to the inability of the bank to meet customer borrowing requirements as a result of the tight liquidity conditions in the market,” Steward’s board chairman, Bernard Chidzero, said in a statement accompanying the bank’s financials.