News:MetBank profitable again

<vote /> Metbank is set to be profitable this year after posting a $290,000 after-tax profit in the half-year ended June 30. This is up from a $170,000 loss in the same period last year. loss-making position in the comparable period last year driven by austerity cost cutting and containment measures. The bank's board chairman, Wilson Manase said cost cutting and containment measures resulted in a 20% drop in operating expenses:

The bank continued to pursue an austerity cost-cutting and containment measures, which saw a 20% downward movement in operating expenses from $5,6m during the half-year ended June 30 2015 from $4,5m during the half year ended June 30 2016,

The bank continued to pursue a hybrid of loan recoveries and new business generation, particularly with corporates showing capacity to recover from the current challenging economic environment

More: NewsDay

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