Zamco buys $30 million of bad loans from BancABC to boost Atlas Mara profit


0

Zimbabwe Asset Management Company (Zamco) has purchased $29.5 million worth of non-performing loans from Pan-African banking group BancABC, boosting Atlas Mara’s first quarter profit to $5 million.

Zamco is a special purpose vehicle set up by government in 2014 to purchase non-performing loans from banks and clean their balance sheets.

The London-listed financial services group founded by former Barclays Plc chief executive Bob Diamond and Ugandan billionaire Ashish Thakkar, said the non-performing loans ratio for three months to March 31 was largely flat at 13.1 percent, with a target of 10 percent by the end of 2017.

Zamco’s NPLs purchase boosted its profit by $1.7 million, it said.

The quarterly report is its largest since inception, after bouncing from a loss of $6.7 million in the comparable period last year.

“In Zimbabwe we continued to implement our POS terminal roll out, resulting in 187 merchants, 463 deployed devices and achieved $5.3 million in transactions,” said Atlas in a trading update.

BancABC reported a profit after tax of $1.8 million in the full year to December 2016, while operating income dropped by 13.3 percent to $41.6 million.- The Source

(52 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

0
The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *