BUSINESS REPORTER
Steward Bank has embarked on a staff rationalisation exercise which will see the institution shedding off a fifth of its staffing levels following automation and deployment of new core banking system, Business Times can report.
In a statement on Tuesday, the bank said the retrenchments were also necessitated by its continued investments in the digital transformation journey.
“Our investments in technology have necessitated the optimisation of our organisational structure and the need to reduce staff numbers consistent with our changed operating model,” the bank said.
“The bank is consulting with all the affected employees, together with the Works Council, to ensure clarity and transparency in the process and to, as much as possible, mitigate the impact this change will have on the affected staff”.
The rationalisation exercise begins this month.
Steward Bank, which has over 2 million depositors, commissioned a new core banking system in April 2021, with the investment enabling the bank to accelerate its digital transformation programme.
In its financial results for the half year to August 31, 2021, the bank shrugged the impact of the ongoing Covid-19 pandemic and effects of hyperinflation to report impressive financial results.
Steward Bank’s profit went up 158% to ZWL$355m from ZWL$211m reported in the same period in 2020.
The bank’s net interest income jumped 243% to ZWL$706m, up from ZWL$206m in prior year, while non-interest income was ZWL$2bn against ZWL$1.3bn in the corresponding period.
Steward Bank’s CEO Courage Mashavave said the bank is confident of sustaining the upward trend in performance throughout the current financial year.
