Highveld makes $774 million profit in nine months

Highveld Financial Services, a new entrant into the volatile financial services sector, made a net profit of $774.4 million in its first nine months of operation.

The discount house, which began operating in April, realised interest income of $6.4 billion but net interest income was down to $1.7 billion.

Dealing brought in a further $548 million but operating profit only rose to $1.5 billion after operating expenses of $301.8 million and fair value adjustment of $420.7 million.

© Insider Publications 2004. This story is available for syndication. Contact the publisher at charlesrukuni@insiderzim.com