- Category: Stories
- Published on Saturday, 04 December 2010 19:34
- Written by Charles Rukuni
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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.
According to its results for the year ending September, net interest income more than doubled from $1.7 billion to nearly $4 billion.
Other income increased from $1.2 billion to $2.1 billion with total income at $6.3 billion, up from $3.1 billion the previous year.
The financial house said it operated in a difficult environment which saw real growth contract by 12 percent against the previous year's decline of 7.3 percent.
Inflation averaged 118 percent up from 63 percent. It also says price controls on basic commodities saw the emergence of an alternative market where the products were available at a premium.
The financial house has two subsidiaries, Zimbabwe Banking Corporation and Scotfin.
The bulk of its income and profit was from ZBCL which had a total income of $5.9 billion up from $2.9 billion while net profit increased from $565.1 million to $1.2 billion.
Scotfin only contributed $111.6 million in net profit but this was a remarkable improvement from a loss of $109.6 million the previous year.
Its total income increased from $132.9 million to $345.8 million.