CFX Financial Limited makes profit (04-09-07)

CFX Financial Limited posted $72 billion profit after tax for the half year ended 30 June in comparison to $57 billion loss achieved the previous year, the group said.
In a statement accompanying the group's fininacial results CFX said: “The inflation adjusted group profit for the per

iod of $72 billion from a loss of $57 billion same period last year is a clear statement of successful turnaround ad our coming back to the winning ways.
“It is pleasing to note that this performance is in real terms in a hyperinflationary environment. Despite the deteriorating business environment, the group posted commendable results in the first half of the year.”
During the period under review, the group withstood an onslaught of ballooning costs driven by inflation that closed at 7 251% in June, inconsistent interest rates and a general decline in economic activity in some sectors of the economy.
CFX said the halfyear was characterised by high levels of liquidity, low interest rates on treasury bills and a bullish stock market.
Operating expenses grew by 6 394% fuelled by the growth in staff costs and administration expenses.
CFX Bank Limited also returned to profitability by achieving $16,3 billion profit after tax in historical terms.
“This is a pleasing set of results that demonstrates the growth of market confidence inn the bank which is evidenced by the growth of the consumer base during the year,” the group added.
CFX bank managed to open a branch in the emerging platinum and chromemining town of Ngezi after identifying good business prospects. The group noted that since the opening of the branch in March, it has grown phenomenally due to the convenience it affords to the mining area and surrounding communities.
The group has eight branches operating across the country and plans to open more.
“We have eight branches operating in Harare, Bulawayo, Kariba, Masvingo, Ngezi, and Victoria Falls. The opening of the branches is an ongoing process and more will be opened when clear business cases are established,” said the group.


 


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