Steward Bank‘s 176k new customers help boost profits | Steward Bank

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Steward Bank‘s 176k new customers help boost profits

01 June 2018

STEWARD Bank recorded 176 000 new customers, which helped grow its profit after tax by 268,4% to $22,45 million for the financial year ending February 28, 2018.
This was from a previous of $6,15 million recorded over the same period last year.

In a statement accompanying the results for the period under review yesterday, Steward Bank chief executive officer, Lance Mambodiani said a surge in transactions from customers was behind the improvement in profits.

“In the financial year under review, the bank recorded a profit before tax of $32,7 million due to the growth in revenue driven mainly by an increase in transactional volumes on our digital platforms,” he said.

The increase in transactions led to a 125,26% increase in non-interest income to $63,06 million for the period under review from $27,99 million.