Categories: Stories

Finhold’s assets shoot up to $131.6 billion

Increased borrowing demand and the need for more funding for the banking companies of Zimbabwe Financial Holdings saw its balance sheet balloon from $32.9 billion in the first half of last year to $131.6 billion in the first half of this year.

Its advances and other accounts shot up from $7.5 billion to $44.4 billion but the banking group, which at one time almost collapsed because of bad debts, says its lending policies ensured that its performance was not adversely affected by the overall decline in the economy.

The group had to set aside $731.2 million for bad and doubtful debts, up from $39.1 million. Its total revenue increased from $2.3 billion to $7.5 billion with net profit increasing by more than 400 percent from $408.1 million to $1.9 billion.

The bulk of the group’s profit came from the Zimbabwe Banking Corporation which had a net profit of $1.8 billion. Last year, its net profit for the first half was only $399.6 million.

The bank had total income of $6.7 billion compared with $2.2 billion during the same period last year.

Scotfin also did well with net profit at $83.9 million more than double last year’s net profit of $37 million. Its total income had increased from $101.9 million to $382 million.

(22 VIEWS)

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.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024