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.
(174 VIEWS)
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…