Intermarket Building Society profit up 458%

Intermarket Building Society had an excellent year following its rebranding from Founders Building Society and recorded a net profit growth of 458 percent.

According to its results for the year ending June, profit attributable to shareholders increased from $335.6 million to $1.9 billion. Interest income rose from $2.1 billion to $7.8 billion.

The society says total assets grew by $33 billion to a new record of $46.6 billion. The growth was mainly due to increases in liquid assets with investments and cash increasing from $9.7 billion to $32.1 billion.

Mortgage advances more than doubled from $1.8 billion to $4.1 billion. Some 1495 applicants benefitted.

The society says the mortgage advances were complimented by the launch of Intermarket Global Access in the United Kingdom.

This allows Zimbabweans living abroad to access its products through contacts at home.

The society also refurbished its Harare First Street, Kadoma, Chitungwiza and Avondale branches and is now upgrading automatic teller machines.

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