The Merchant Bank of Central Africa saw its net profit for the six months to June increase from $946.3 million to $2.5 billion but it chose to report in inflation adjusted terms which saw net profit plunge from $2.8 billion to $21.9 million.
Although net income dropped by 16.9 percent from $295.9 million to $246.6 million, Rapid Discount House says its results were satisfactory.
Interfin Holdings, one of the most diversified financial services groups, which is into merchant banking, insurance, stockbroking, asset management and consumer financing, made a net profit of $12.7 billion in the first half of this year, up from only $847 million last year.
Stanbic Bank had a more than 10-fold increase in net profit in the first half of this year and it says that despite the current economic difficulties its future is bright.
Tobacco seed sales have increased from 328.25 kgs to 335.58 kgs but the tobacco crop for next year is expected to drop from over 80 million kgs to 50 to 60 million kgs.
With normal to above normal rains expected for the coming season, the shortage of maize seed could adversely affect next year’s harvest.