Finhold profit up 1213% despite turmoil in financial sector

Zimbabwe Financial Holdings (Finhold), which is currently the best performer on the Zimbabwe Stock Exchange, despite the turmoil in the financial sector, had excellent results for the year ending September with total income increasing by 641 percent and net profit by 1213 percent.

Total income increased from $6.3 billion to $46.9 billion with interest income contributing $29.3 billion, other income $15.7 billion and fair value adjustment $1.9 billion.

Operating income shot up from $2.5 billion to $28.1 billion while net profit soared from $1.2 billion to $15.7 billion. The group’s assets increased from $53.1 billion to $289.6 billion.

The Zimbabwe Banking Corporation contributed the bulk of the income and profits. Its total income was $42.3 billion, with operating income at $25 billion and net income at $14.3 billion.

Scotfin contributed $1.4 billion in total income. It had a profit before tax of $686.3 million and a net profit of $446.1 million.

Scotfin, which has operated as a separate company since 1957, was transformed into a division of Zimbabwe Banking Corporation on October 1.

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