Interfin in $12 billion profit


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Interfin Holdings, one of the most diversified financial services groups, which is into merchant banking, insurance, stockbroking, asset management and consumer financing, made a net profit of $12.7 billion in the first half of this year, up from only $847 million last year.

And it says because of the size of the group and the diversity of its operations its is now restructuring its management and various boards within the group.

Interfin comprises Interfin Merchant Bank, Interfin Stockbrokers, Interfin Asset Management, Interfin Capital, Interfin Properties, Altfin Insurance Company, Altfin Premium Finance and Altfin Consumer Finance.

Interest and discount income rose from $3.1 billion to $29.9 billion while net trading income increased from $845 million to $6.1 billion.

The group acquired Datvest Asset Management group and completed the merger of Strategis and Orion Insurance companies into Altfin Insurance Company.

Strategis Finance was rebranded Altfin Premium Finance.

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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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