Intermarket Building Society, which has taken over the former Founders Building Society, has taken advantage of the booming property business by launching a facility for Zimbabweans living abroad, who most people believe have pushed property prices up because of the weakening Zimbabwe dollar.
In its report for the year ending June, the society says it became the first building society in Zimbabwe to tailor-make a product for Zimbabweans working abroad and launched the Global Access Mortgage Finance brand in the United Kingdom on 12 July.
Its results were, however disappointing, though management said they were favourable. The surplus attributable to shareholders fell from $516.5 million to $335.6 million. In inflation adjusted terms it fell from $996 million to $18.9 million.
Net interest income increased by only 16 percent from $990.4 million to $1.2 billion while other income increased from $78.3 million to $196 million.
Expenses, however, shot up from $552.1 million to $1 billion with staff costs nearly doubling from $221.6 million to $412.6 million.
Its total assets increased by 97 percent to $13.6 billion while deposits grew by 132 percent to $9.6 billion.
The society says it is now looking at improving its service delivery and will be refurbishing a number of its branches and reskilling its staff.