Steward Bank Under Ecocash Enhances AI With Net Assets At ZiG1 billion, 56 % Up

By Ross Moyo
Steward Bank remained under Ecocash as continuing operations after a scheme of reconstruction where all Ecocash Holdings non-banking assets were transferred to Econet Wireless, enhancing the use of artificial intelligence realising net assets at Zimbabwe Gold zig one billion, 56 percent up from the privious year.This was revealed by Steward Bank Chief Executive Officer, Courage Mashavave in a statement the bank’s boss just released.

Mashavave said, ”the bank’s net assets closed the period under review at ZiG1 billion, realising a 56 percent increase from the prior year, which was sitting at ZiG663 million.”

“This was mainly facilitated by the 88 percent increase in loans and advances from ZiG288,4 million as of 29 February 2024 to ZiG541 million due to increased lending driven by growth in the deposit base and efforts to restructure the loan book to cater for affordable renewable energy aligned to Sustainable Development Goal 7,” said Mr Mashavave.

The Steward boss also said, the bank has ceased processing transaction use cases that are provided for on its digital channels at branches.

“Furthermore, our agent network expanded by 10 percent during this period under review, increasing our reach to customers and providing additional benefits such as improved accessibility and convenience.

“Going forward, the bank will look further to enhance the use of artificial intelligence to advance its digital strategy while having a better understanding of its customers through improved data-driven insights that enable it to offer personalised services to its customers,” he said. For the period under review, Mashavave said the bank successfully contained operating expenses, with a 33 percent improvement from the same period prior year.

The banks’ net operating income for the period declined by 10 percent from ZiG1 billion to ZiG90,54 million, mainly attributed to the reduction in interest income as a result of the recalibration of the local currency loan book to the new currency and attendant interest rates.

The bank closed two of its branches, namely Borrowdale Sam Levy Branch and Gunhill Branch, as part of the reimagining process, which led to rationalisation of some branche, IN THE PERIOD UNDER REVIEW.

Mashavave additionally said the closure of these branches led to their consolidation and the birth of a new Borrowdale branch.

“This new branch will cater to the bank’s high-value clients and corporates, ensuring personalised services are rendered to them,” he said.

Meanwhile, the Manufacturing Confidence Index increased from 2,7 in the first quarter to 3,1 in the second quarter of 2024. The index measures the amount of optimism or pessimism that business managers feel about the prospects of their companies or organisations.