CFX profit up 870 percent


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CFX Merchant Bank which was only turned around last year made a profit of $1.4 billion in the first half of this year, nearly 10 times what it made in the first half of last year and some $300 million more than the net profit for last year.

Net interest income shot up from $16 million to $1 billion while fees and commissions increased from $218 million to $2 billion.

Operating income improved from $253.8 million to $3.2 billion but profit before taxation was reduced to $2.1 billion following the deduction of operating expenses of $792.2 million up from $108.8 million last year.

The provision for bad debts went up from $50 000 to $118.2 million.

There was a loss from investment securities of $165.1 million.

The bank says it expects to perform better in the current half.

(6 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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