Banks record 30% increase in profits

In its latest banking industry quarterly report the Reserve Bank of Zimbabwe (RBZ) says the banking sector recorded a 30 percent increase in profits to $111,3 million in the third quarter of 2016.

The central bank also said total banking sector deposits grew to $6,14 billion from $5,67 billion in the previous quarter which accounts for 8,29 percent increase. Part of the report reads:

The banking sector remained profitable during the period ended September 30, 2016, with an aggregate net profit of $111,30 million, representing an increase of 29,28 percent from the $86,09 million reported for the same period in 2015. A total of 17 out of 19 operating banking institutions recorded profits during the period ended 30 September 2016.

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