Zimbabwe Financial Holdings (Finhold) had a lacklustre performance with net profit doubling from $501.5 million to $1.2 billion but it says with a stable macro-economic environment, it should realise real growth in profit in the current financial year.
Insurance and financial services group, Old Mutual is upbeat about its results for 2002, though operating profit was down 15 percent in pounds sterling but up 8 percent in rand.
First Banking Corporation has welcomed the current tripartite negotiations between the government, employers and labour saying it hopes they will result in robust initiatives which will rectify the country’s macro-economic imbalances.
A United States State Department report released this month says a campaign of personal plunder, masquerading as “land reform” was a tool for the government to steal, murder, abuse and rape its people into submission.
The Famine Early Warning Systems Network (FEWS Net) has recommended that the government remove price controls on food staples and other items to enlist the support of the market to help distribute supplies and moderate prices.
ReNaissance Merchant Bank posted a net profit of $1.2 billion in its first year of operation and was highly rated by the Reserve Bank of Zimbabwe when it examined the bank’s operations.