CBZ total income jumps 81%
RYAN CHIGOCHE
Zimbabwe’s largest financial services group, CBZ Holdings reported a 81% jump in total income to ZWL$42.5bn in the full year to December 31, 2021, from ZWL$23.5bn reported in the previous year due to the growth in income streams.
Interest income jumped toZWL$ 21.8bn, from , an ZWL$8.1bn in 2020 driven by loans.
Fees and commission income also increased to ZWL$23.1bn from ZWL$17.1bn.
Profit for the group, however, dropped 6% to ZWL$7.7 bn from ZWL$8.2 bn posted in the previous year, attributable to a depreciating local currency.
As a result of the inflationary pressures the group credit losses widened by 382% to ZWL$7.3bn from ZWL$1.5bn in the prior year as the monetary losses spiked 511% to ZWL$7.1bn from ZWL$1.1bn posted in the previous year.
CBZ ‘s loan book increased 18% to ZWL$$55.9bn from ZWL$47.3bn in 2020, driven mainly by increases in agro-business loans and also commercial loans and interests accrued in during the reported period.
Deposits increased by almost 25% to ZWL$131bn from ZWL$104 bn in 2020.
Board chairman, Marc Holtzman said the company will intensify its environmental, social and governance (ESG) accountability.
‘’The shift towards environmental accountability is expected to gather pace in 2022. As a priority, the group is actively aligning operations, activities and strategies to support ESG practices and goals,’’ Holtzman said.
He added: ‘’CBZ Holdings remains dedicated and committed to exemplary corporate citizenship. Through community involvement, the group hopes to meaningfully promote advancement to marginalised individuals and organisations in society, ultimately enhancing living standards in a sustainable manner.’’
