Century profit up 410 percent

Century Holdings had an excellent year ending September with net profit increasing more than five-fold from $76 million to $440.2 million but it is only releasing its audited results in December as it has changed its financial year-end from September to December.

The financial services group seems to be worried about the deteriorating conditions in Zimbabwe but it is optimistic that its regional initiatives will influence a much stronger overall performance.

Interest income for the holding company increased from $1.3 billion to $4.1 billion while other income shot up from $288.4 million to $1.6 billion resulting in an operating profit of $450.7 million, a five-fold increase from $83.1 million it realised last year.

It says the increase in non-interest income was due to growth in treasury activity, service and transaction fees in corporate and retail banking as well as in its advisory services.

Its balance sheet increased more than three-fold from $8.6 billion to $28.1billion.

Century Bank turned around from a loss of $163.4 million to a profit of $137.5 million. Interest income rocketed from $346.4 million to $2.1 billion, while dealing profit increased from $1.3 million to $158.1 million.

Fees and commission income increased more than ten-fold from $29.9 million to $329.7 million while other income dropped from $15 million to $5.8 million. Its balance sheet increased from $3.9 billion to $15.9 billion.

The Leasing Company of Zimbabwe had a lacklustre performance with net profit increasing marginally from $214.1 million to $292.1 million. Interest income increased from $991.8 million to $1.7 billion with dealing profits increasing from $133 million to $197.1 million.

Fees and commission income more than trebled from $30.7 million to $97.3 million. Its balance sheet increased from $3.8 billion to $8.3 billion.

Century Discount House more than doubled its net profit from $80.8 million to $179.2 million. Interest income increased from $245.1 million to $692.8 million.

Dealing profits went up from $91.3 million to $207 million while other income shot up from $38 000 to $38.5 million. Its balance sheet increased from $994 million to $2.7 billion.

The company says its asset management subsidiary has continued to increase funds under management while its group advisory services executed a number of mandates with the NICOZ/Diamond merger standing out.

Its stockbroking firm started operations in June.

(49 VIEWS)