Intermarket Bank makes a loss of $340m but is very optimistic


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Intermarket Banking Corporation, which was granted a certificate by the Reserve bank of Zimbabwe to start operations in January, made a loss of $340million in the six months to June.

But the bank is upbeat about its performance because it says it only opened accounts for Intermarket group employees and subsidiary companies and used this period to test and fine-tune its systems.

The bank, which says it is not just another bank, realised interest income of $401.6 million but had net interest income of $14.3 million.

Fees and commissions brought in $90.2 million and trading income a further $86million.

Operating income of $190.6 million turned into a net loss of $340.1 million after operating expenses consumed $530.7 million.

The bank, which became fully operational in September, said the loss was fully funded by shareholders funds. It hoped to break even by the end of the first year.

(149 VIEWS)

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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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