The People’s Own Savings Bank (POSB) has declared a dividend of almost US$2 million to the government after recording a US$7,6 million profit.
The bank’s profitability has been attributed to the US$20 million capital injection by the shareholder and good management of non-performing loans which averaged 10.8 percent.
Speaking after receiving the cheque, the Minister of Finance and Economic Development, Cde Patrick Chinamasa said the bank has proved beyond doubt that they have a good financial inclusion strategy.
POSB’s declaration of the dividend to the government is sending a strong message that the bank is a force to reckon with in the local economy while at the same time proving that state enterprises have the potential to operate profitably.
The bank has maintained its strong presence in all parts of the country while other financial institutions have been withdrawing their services within rural communities.-state media