Categories: Stories

Interfin in $3.6 billion profit

Interfin Holdings, a financial services group which incorporates merchant banking, insurance, consumer finance, stockbroking and asset management, had a net profit of $3.6 billion, a 1 663 percent increase from the $207 million it recorded in 2001.

The group, which is in its third year of operation also saw its asset base increase by 717 percent from $10.6 billion to $85.3 billion.

And it says the challenge it is now facing is to build highly profitable brands which can compete effectively in the domestic and regional markets.

It says that challenge is achievable because of the robust team of experts it has assembled.

Interest income increased from $1.5 billion to $12.8 billion with net interest income at $3.4 billion up from $276 million.

Other income increased from $266 million to $5.1 billion with operating income shooting up from $542 million to $8.5 billion.

The group comprises Interfin Merchant Bank, Interfin Securities which trades as Msasa Stockbrokers, Interfin Asset Management and Altfin Holdings, a 100 percent owned subsidiary which consists of Altfin Consumer Finance, Altfin Insurance and Strategis Finance.

The group says the challenges facing the country can easily be overcome given appropriate support and commitment by all stakeholders.

It says the National Economic Recovery Programme unveiled on 23 February, represents a collective effort and strong statement of intent by the government and representatives of labour and industry and commerce to address the challenges facing the country.

(24 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

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

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024