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Dire economy dents Old Mutual Zim profit

Sep 10 2014 13:07
Malcom Sharara, Fin24’s correspondent in Zimbabwe

Harare - Old Mutual Zimbabwe, owned by Old Mutual [JSE:OML], posted a 6% growth in funds under management for the half-year ended June 30 2014.
 
The group is now in charge of US$1.7bn worth of funds with the growth being driven by a 50% growth in net client cash flow to $62.2m.
 
Adjusted operating profit for the period, however, grew by only 2% to $32.4m reflecting the country's difficult operating environment.
 
Management said the constrained operating environment in Zimbabwe is likely to continue.
 
The group however says it is well positioned to defend its market share and will also explore new growth areas, such as the informal market and small and medium enterprises.

zimbabwe  |  results  |  financial services
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