CBZ delivers strong financial performance

CLOUDINE MATOLA

CBZ Holdings Limited (CBZHL), a publicly traded financial services group, has delivered strong financial performance in the nine months to September 30, 2024, buoyed by a strong assets base and a diverse range of products, Business Times can report.

According to Rumbidzayi Jakanani, group chief governance officer, CBZHL’s strategy, wide range of products, and solid asset base keep the business competitive.

“The Group delivered a robust financial performance for the period under review, underpinned by a solid asset base of ZWG30.05bn, a comprehensive product range, and a strategy that continues to position the business favourably within a competitive landscape,” Jakanani said.

The group’s asset base grew to ZWG30.05bn from ZWG6.7m recorded at the same time last year.

Additionally, profit  for the group grew to ZWG1.01bn in the period under review, from ZWG636 643 reported in the prior comparative period.

Total income for the group also increased to ZWG2.68bn during the period under review from ZWG1.53m reported in the same period last year.

According to CBZ, the group has successfully exploited its competences to produce a sustained  growth as a result of the increase in profit after tax and total income.

Net interest income hit ZWG880.02m, supported by a loan portfolio of ZWG8.90bn, highlighting the group’s prudent approach to lending and commitment to maintaining high-quality assets.

Additionally, non-interest income of ZWG1.80bn underscored the group’s strategy to diversify revenue streams, reduce reliance on interest income, and enhance income stability through diversified financial services and product offerings.

Jakanani added:”The group’s strong market presence, supported by a deposit base of ZWG18.51bn continues to provide a key funding source, enabling it to support lending activities to the key sectors of the economy while effectively managing liquidity. The group’s strategy, which focuses on customer-centric solutions and targeted market expansion, has enabled the group to remain agile in navigating economic challenges while capturing new growth opportunities. Going forward, the commitment to build a solid financial foundation, combined with a comprehensive product range, positions the business well to continue delivering value to its stakeholders.”

Furthermore, CBZHL’s share price on Zimbabwe Stock Exchange (ZSE) grew by 90.8% to close the quarter at ZWG14.0.

Also, the company ended the quarter with a market capitalisation of ZWG7.3bn being the fourth ranked counter on the ZSE.