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AUDITED ABRIDGED FINANCIAL STATEMENTS for the Year Ended 28 February 2019 1834/ PAGE 1 - STEWARD BANK LIMITED BANK 1 - STEWARD 1834/ PAGE

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AUDITED ABRIDGED FINANCIAL STATEMENTS for the Year Ended 28 February 2019 1834/ PAGE 1 - STEWARD BANK LIMITED BANK 1 - STEWARD 1834/ PAGE AUDITED ABRIDGED FINANCIAL STATEMENTS for the year ended 28 February 2019 1834/ PAGE 1 - STEWARD BANK LIMITED BANK 1 - STEWARD 1834/ PAGE Bank anytime, anywhere in the world on WhatsApp With your VISA and MasterCard you can now Purchase Airtime, Buy ZESA tokens and make other Bill payments all on WhatsApp for your loved ones in Zimbabwe. Just save +263 777 222 333 to your contacts and say ‘Hi’ on WhatsApp to get started. H IGHLIGHT S $21.5m 75% 8 $13.3m COST TO Net Operating $31.9m $22.5m IUIITY Tier 1 Capital INCOME RATIO 2019 2018 3 RATIO Income NONINTEREST 2019 2018 $92.6m Strong growth in transactional INCOME More than double based revenue in line with 2 ompar 1 strat tent 1 minimum regulatory PROFIT AFTER TAX NET INTEREST INCOME ratio of 30% CHAIRMAN’S REPORT We are grateful for the support and recognition we have received With the digital shift, there will be a heavy reliance on IT networks On behalf of the Board for our contribution to the banking and financial services sector and infrastructure. Connectivity and system uptime will be key to I am pleased to report another set of remarkable financial results in Zimbabwe. These awards demonstrate our commitment to all online forms of banking and commerce. The transition is also Bernard T.R. Chidzero for the financial year ended 28 February 2019. providing unique products and services that address the pain raising new risks, cyber threats and data breaches will need to be Board Chairman points for our customers and I would like to thank each of them for mitigated. Digital Banking Platforms – RIP Traditional Banking their loyalty and support they have shown to our brand. 30 June 2019 Globally digital platforms have aggregated users to provide In overseeing the new strategy, the Board remains committed to accessible and affordable services. Leveraging on the Econet Shaping the Future investing in human capital and digital systems and infrastructure Group’s digital ecosystem, Steward Bank has done the same, In shaping the future, our concentration is on where the need is that will shape the future. The Executive are a passionate, hard- ACTING CHIEF EXECUTIVE OFFICER’S STATEMENT innovating multiple platforms that serve the needs of society. greatest. The Shareholder’s vision to uplift rural communities and working and talented team and have the support and confidence Our *236# digital account opening platform on USSD has redefine rural Africa is pertinent given that an estimated 65-70% of of the Board in executing the Shareholder vision to drive Steward Our Performance demonstrated the immense power of digital platforms that Africa’s population live in rural areas. In Zimbabwe, approximately Bank forward. Total income grew by 42% to $107.5m, with the main contributor are tailored to suit the needs of the environment. Through the 68% of the country’s population reside in the rural areas and the to the growth being non-interest income, which grew by 43%. *236# platform, the Bank customer base more than doubled to majority are women. In support of the redefinition of rural Africa Thank You, One Million Times Profit before tax grew by 10% to $36.2m in the year under review. 1.4 million customers. The instant account opening platform has $100m has been allocated to a Re-Imagine Rural Fund that will Over one million people have chosen to bank with Steward Bank, The growth is testament to the resilience of the transactional accelerated our vision to financially include every Zimbabwean as focus on financing and training entrepreneurs in the rural areas in the level of trust placed in us is represented by the deposits we banking model during the uncertain times. we are determined to Bank the Nation regardless of an individual’s order to increase productivity and to uplift standards of living. have mobilised. We thank all our customers for choosing Steward location and background. Bank as a custodian of choice. Digital channels have driven transactional income. Steward Bank Steward Bank is inspired by the Shareholder’s vision for improved is the largest card issuer in Zimbabwe, with plus 400 000 cards *236# was immediately followed up by the launch of KaShagi living standards and raised incomes. The Bank is supporting The focus over the last year on customer-centricity through the issued. Over 30 000 POS devices have been deployed including nano loans. Nano loans allow access to credit for a variety of and funding rural finance projects, affordable housing projects, HEPII campaign, an acronym of our values of Hunhu (Ubuntu) 22 000 Kwenga mobile POS machines. On Square, our mobile needs including financing the daily working capital requirements of small businesses or smoothening the irregular flow of income sustainable energy initiatives and healthcare recapitalisation plans. Excellence, Professionalism, Integrity and Innovation has yielded platform, we have registered impressive numbers with over 490 of vulnerable individuals. Mobile nano loans have been proven Delivering the vision will require innovative methods of financing results as our customers are more satisfied. A customer-centric 000 people active on the mobile platform. to reduce poverty, generate employment and boost economic as well as strategic partnerships. approach will remain an area of strategic focus. activity in Africa. KaShagi nano loans have the potential to do the *236#, an account opening platform launched in November 2018, same in Zimbabwe. In the existing Retail and SME Banking space, mobile devices The staff and management of Steward Bank deserve recognition outperformed expectations. Over 730,000 iSave accounts were have been critical in reaching the mass market. Relatively new for delivering on the five-year strategy and for the tireless hours of opened in the four months leading to the financial year end. iSave Another mobile lending product, “KaShagi for Business” was technologies such as Big Data, Robotic Process Automation and work towards the greater good. The closely-knit group of Stewards is our flagship account and underpins the performance of our announced in partnership with the World Bank and Lenddo. Blockchain are improving and enhancing the power of mobile will be the foot soldiers as the bank seeks to deliver on its dynamic digital channels. “KaShagi for Business” is a novel approach to credit scoring, services. Mobile technology also presents a great opportunity to strategy in the next financial year. An unabated sense of optimism, employing psychometric tests to score small and medium scale create new marketplaces that provide access and opportunity in relentless spirit of innovation and commitment to the greater Ensuring activity of the newly acquired customers will drive organic business owners and provide credit up to $5,000. KaShagi for the age of the digital economy. cause will see us soar to greater heights. growth. The efficiency of banking services between the Bank and Business’ alternative method of credit scoring and lending is EcoCash has continued to attract customers whilst value added required in the largely informal market of Zimbabwe. features on the account have cemented iSave’s position as the Digital platforms are an efficient method of delivering inclusive dominant lowcost account in Zimbabwe. The iSave account is the services and overcoming existing barriers to access. The Bank will only low-cost account in Zimbabwe with instant access to mobile continue to pursue a digital strategy as the benefits of going digital credit. provide an unmatched value proposition for our customers. 2 ǀ Kashagi Other Key Performance Indicators Financial Performance Over the past year, operating expenses rose in an inflationary In the year under review, the Bank’s profit before tax grew by 10% environment. The Cost to Income ratio increased to 61% from 49% to $36.2m, from $32.8m reported in the comparative period last 1 ǀ Sosholoza year. in 2018. The Staff Costs to Income Ratio of 17% is comparatively worse than the prior year ratio of 13%. Protection of staff earnings The aggressive customer acquisition strategy led to an increase and recruitment to spearhead the below outlined key focus areas in Non-Interest Income, The financial performance is reflective were the major cost drivers. of Steward Bank’s position as Zimbabwe’s transactional bank of choice. In 2014, when our five-year strategy kicked off, the aim 3 ǀ Rural Key Ratio Financial Financial was to financially include 1 million people. Five years on, we have Finance year ended year ended attained that strategic target, and today we bank more than 1.4 million customers. 28 Feb 2019 28 Feb 2018 Our total assets grew by 103% to $935m up from $471m reported Return on Equity 28% 26% in February 2018. This growth was largely driven by an increase Costs to Income 61% 49% in demand deposits which grew by 118% to close at $747m from Staff Costs to Income 17% 13% $342m disclosed in the comparative period last year. The Bank tier Net Interest Margin 5% 7% 1 Capital was $92.6m which is above the regulatory minimum of $25m. Prudential Liquidity 75% 70% Loans to Deposit Ratio 7% 11% Accounts and the exchange rate was floated. The interbank rate has devalued by over 30% from the introductory peg of $1:2.5. Return on Equity increased to 28% from 26% in the prior reporting This devaluation has resulted in rising foreign obligations upon period. Shareholder returns were boosted by high revenue growth. remeasurement in RTGS$ and reported foreign exchange losses. The Net Interest Margin retracted marginally as the higher yielding Awards and Recognition During the year under review, Steward Bank and its management mortgage disbursements did not materialise in a market that was were recognised with the following awards: largely stagnant.
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