METBANK posted a 74 percent growth in annual profit to $230,5 billion for the year ended December, 31, 2023 underpinned by revaluation gains on investment property portfolio as the group sought to hedge against exchange rate depreciation.
Total net income reached $261,8 billion up 71,9 percent mainly driven by administrative expenses and staff costs due to inflation.
“The bank’s focus remained on increasing foreign currency revenue streams through underwriting loans denominated in foreign currency to act as a hedge against exchange rate depreciation and inflation that will also produce long-term sustainable profit,” chairperson Linda Chipunza said.