Rapid profit down by 17 percent

Although net income dropped by 16.9 percent from $295.9 million to $246.6 million, Rapid Discount House says its results were satisfactory.

The discount house says the high rate of inflation which stood at 365 percent in June together with the negative interest rates were eroding incomes and money market investment returns.

Returns from the money market are likely to worsen during the remainder of the year.

Interest income increased from $1.9 billion to $5.5 billion but net interest income fell from $535.7 million to $474.9 million.

Other income increased from $17.7 million to $234.4 million with gross operating income increasing from $553.4 million to $699.3 million but net operating profit was down from $426.4 million to $356.9 million.

The balance sheet grew from $17.2 billion to $27.3 billion.

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