Steward Bank has reported a 14 percent increase in net profit to $6.16 million for the full year to February 28, buoyed by a 49 percent growth in non-interest income.
Despite impressive economic development in recent years, Africa still lags far behind on energy, with almost two-thirds of the continent’s citizens lacking access to electricity.
Barclays Bank PLC says the sale of its majority shareholding in its local unit to Malawi’s First Merchant Bank (FMB) will reduce its risk weighted assets by £292m ($376 million).
The ZSE industrial index this week advanced 4.79 percent to 167.98 points, pushed by gains in heavyweight counters.
Civil engineering group Masimba Holdings says its revenue for the first four months to April was 70 percent ahead of the comparable period last year, driven by increased business from the mining sector and housing construction.