Standard Bank's Zimbabwe unit's 2014 profit up 13 percent

HARARE (Reuters) - Standard Bank's Zimbabwe unit reported on Tuesday a 13 percent jump in 2014 profit to $20.7 million after raking in higher fee and commission income in a sector affected by high levels of bad debts and bank closures. Unlisted Stanbic Bank Zimbabwe said Zimbabwe's economy was this year expected to remain weak, after the country experienced low commodity prices and lack of foreign investment last year. Income from fees and commission increased by 13.6 percent to $34.5 million for the year to end-December, while income from lending activities also rose to $39 million from $35 million, the bank said in a statement. Smaller banks have been more vulnerable to Zimbabwe's economic downturn compared with bigger foreign-owned banks. The central bank has through its asset management company taken over $65 million in non-performing loans from banks to help restore viability in the sector.