Godfrey Gavure Business Reporter
The People’s Own Savings Bank is targeting $7 million profit in the year to December. In a trading update at the unveiling of POSB’s new board members by Finance and Economic Development Minister Patrick Chinamasa yesterday, chief executive officer Mr Admore Kandlela said there is hope to increase profit by year end.
“We are targeting about $7 million profit at year-end since we have recorded a profit of $5,6 million for the half year ended in June. We also hope to increase the bank’s market share in the banking industry,” said Mr Kandlela.
“We are also looking for the best possible ways of boosting profitability in this competitive but viable industry and we hope to declare a dividend to the Government next year,” he said.
Addressing the new board members, Minister Chinamasa said the bank is expected to promote financial inclusion, support SMEs, and adopt financial innovations essential to attracting savings and promoting productive investment.
“The country’s economic blueprint ZimAsset, has identified a number of areas that should see our country back on a sustainable growth path, therefore the Ministry is challenging the new board members to identify those areas where the bank could make a significant contribution.
“As the new board members, I would encourage you to get more information about your company so that you can effectively execute your mandate,” said Chinamasa.
He said POSB is expected to comply with all RBZ regulations and directives since it is being supervised by the central bank.
The new board is chaired by Ms Matilda Dzumbunu. Other board members include Mr Israel Ndlovu, Mr Onias Jambwa, Mr Ignatious Mvere, Ms Nomsa Chindomu, Ms Caecilia Nyamutswa, Ms Monica Mureriwa, Mr Kandlela (group chief executive officer) and Ms Patience Shuro (chief accounting officer).