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Allied Bank HY loss widens

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Posted by admin 34 minutes ago (http://source.co.zw)
HARARE, September 1 (The Source) – Struggling Allied Bank’s loss for the six months to June widened to $4,2 million from $1,6 million in the prior year after a sharp decline in interest income, although ongoing recapitalisation efforts could improve its position in the last quarter, it said on Monday. Net interest plunged to $186,000 […]

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Stanchart HY profit up 13pct

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Posted by admin 34 minutes ago (http://source.co.zw)
HARARE, September 1 (The Source) – Standard Chartered Zimbabwe’s after tax profit for the six months to June was up 13 percent to $11,7 million, driven by growth in income and cost containment measures. Interest income increased to $13,4 million from $12,7 million buoyed by increased lending. Operating expenses were flat at $23 million. “The […]

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Metbank slips to a $3,5 million loss, seeks to raise $100mln

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Posted by admin 34 minutes ago (http://source.co.zw)
HARARE, September 1 (The Source) – MetBank, formerly Metropolitan Bank, has slid into an after tax loss of $3,5 million for the six months to June from a profit of $1,9 million in the prior comparative period, weighed down by declining incomes and bad debts. Interest income fell to $10 million from $12 million and […]

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ZSE opens week positive on gains in Old Mutual, Hippo

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Posted by admin 35 minutes ago (http://source.co.zw)
HARARE, September 1 (The Source) -The industrial index on Monday gained 0.49 points to close at 196.92 points propelled by gains in Old Mutual and Hippo. Old Mutual moved up 5.02 cents to trade at 285.02 cents, Hippo five cents to trade at 80 cents and Starafrica 0.10 cents to close at 2.60 cents. On […]

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Timber firm has two months to find investor or face liquidation – judicial manager

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Posted by admin 35 minutes ago (http://source.co.zw)
BULAWAYO, September 1 (The Source) – Bulawayo-based timber processing firm, Mukusi Products, has two months to find a new investor willing to inject $2 million or face liquidation, the judiciary manager said on Monday. The company belongs to the former water minister, Samuel Sipepa Nkomo, and was put under judicial management in 2011 after he […]

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Nyaradzo NPW down 33 pct as life assurance firms register H1 growth

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Posted by admin 35 minutes ago (http://source.co.zw)
By Bernard Mpofu, September 1 (The Source) – Zimbabwe’s third largest life assurer by business, Nyaradzo’s net premium written (NPW) for the six months to June was 33 percent lower to $14,5 million despite growth in the sector, a regulator’s report has shown. The latest Insurance and Pension Commission half year report shows that NPW […]

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Air Zim seeks $368mln for recapitalisation as debts rise to $300mln

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Posted by admin 35 minutes ago (http://source.co.zw)
By Chipo Musoko, HARARE, September1 (The Source) – Troubled national airline Air Zimbabwe requires $368 million to recapitalise and owes creditors $302 million, some of whom have since taken it to court, Parliament heard on Monday. The airline, which has been making perennial losses except between 2001 and 2003, has turned to government on several […]

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Zimbabwe in historic win over Australia in ODI

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Posted by admin 35 minutes ago (http://www.financialgazette.co.zw)
ELTON Chigumbura hit an unbeaten half century as Zimbabwe defeated Australia for only the second time in a one-day international. Zimbabwe, chasing 210 for victory, won with 12 balls to spare to claim a famous three-wicket win in Harare.  It was the team’s first ODI win over Australia since the 1983 World Cup, their first ...

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