The Merchant Bank of Central Africa saw its net profit for the six months to June increase from $946.3 million to $2.5 billion but it chose to report in inflation adjusted terms which saw net profit plunge from $2.8 billion to $21.9 million.
Net interest income increased from $1.1 billion to $1.6 billion while fees and commissions rose from $700.8 million to $2.3 billion.
Dealing profits shot up from $135.7 million to $1.2 billion. In inflation adjusted terms only dealing profits improved from $723.7 million to $1.6 billion.
The bank says growth in the lending book was constrained because corporate failure was on the increase. It says hyperinflation will continue to cause massive increases in costs while margin growth will remain elusive.
(17 VIEWS)
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…