AMZ shows strong results for 2017
AMZ finished 2017 with very strong results, the best in our short history so far. We finished the year with a 70% growth in portfolio while achieving a 20% reduction in Operating Cost levels. As a result, topline income increased by 41% even as effective lending rates came down by over 10%.
PAR30 remained impeccable at 0.5%, and profitability was strong at a RoE of around 20% for the year. During the year we also expanded operations and opened two new branches, diversified our loan book by introducing small-group and MSME loans in addition to Village Bank (large group) loans, and ventured into mobile money agency business by partnering with Airtel, MTN and Zoona.
Towards the end of the year we also developed two micro-insurance products in partnership with Insurance companies, for weather-index, health and funeral cover. These products are set to be tested during 2018.