Old Mutual Zimbabwe, a leading financial services giant, has marked a significant milestone by posting an inflation-adjusted profit of ZWL$469 billion for the year ended December 31, 2023. This remarkable achievement comes after a challenging period that saw the company record a loss of ZWL$154 billion in the previous year, highlighting a robust recovery and strategic financial management.
Strategic Financial Management Fuels Growth
Under the leadership of Group Chief Executive Officer Samuel Matsekete, Old Mutual Zimbabwe’s journey to profitability was powered by a 177% increase in the result from operations, reaching ZWL$842 billion. This surge was primarily fueled by growth in revenues across all business lines, including net interest income, non-interest banking revenue, premium income, and asset-based charges. The company’s strategic investments and operational efficiency have evidently paid off, with inflation-adjusted total assets growing by 98% from ZWL$4.8 trillion in the prior year to ZWL$9.6 trillion as of December 31, 2023.
Future Outlook and Strategic Investments
Looking ahead, Old Mutual Zimbabwe plans to continue investing in technology and process improvement efforts. CEO Samuel Matsekete emphasized the company’s focus on expanding its customer base for both retail and corporate segments, supported by an integrated omni-channel configuration. The group aims to support the growth of lending and transactional banking offerings by engaging with regional and international lenders and correspondent banks. This strategic approach is expected to sustain the company’s growth trajectory and strengthen its market position in the coming years.
Old Mutual Zimbabwe’s remarkable turnaround and financial performance in 2023 signify a beacon of resilience and strategic prowess in Zimbabwe’s financial sector. As the company projects a promising outlook for 2024, stakeholders and customers can look forward to continued excellence and innovation in financial services.
