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.

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