CFX looking forward to a good year


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CFX Merchant Bank, which recently merged with troubled Century Bank, had a good performance last year despite the turmoil in the financial sector.

The bank saw its interest and discount income shoot from $1.1 billion to $41.3 billion but net interest income was down to $6.8 billion up from a mere $606.1 million the previous year.

Operating income stood at $9.3 billion with fee and commission income being one of the major contributors. It brought in $1.8 billion up from $901.1 million the previous year.

Net profit improved from $1.1 billion in 2002 to $3.1 billion last year.

The bank was upbeat about its performance this year saying prospects were quite good.

“Strong performance is expected for the year considering the momentum already gathered. The bank is expected to continue on a growth path to become a major player in the market,” it says.

(7 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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