Zimbabwe’s largest financial services group, CBZ Holdings’ profit rose by more than half to ZWL$1.65bn in the first quarter to March 31, 2021 from ZWL$1,064bn earned in prior comparative period, as it accelerated its digitisation drive that allowed it to operate during the Covid-19 induced lockdown.
“The group is responding to the needs presented by Covid-19, particularly the accelerated need for digitisation across all business units. Serving customers through digital channels has become the group’s preferred way of doing business whilst observing WHO approved Covid-19 guidelines,” CBZ’s legal corporate secretary, Rumbidzayi Jakanani said.
Revenue for the group increased to ZWL$4.9bn in the reviewed period from ZWL$4bn in the prior comparative period.
Total assets for the group grew 29% to ZWL$115.7bn in the reviewed period from ZWL$89.9bn in the same period last year.
Jakanani said the group will continue leveraging on its strong capital and balance sheet positions, deep understanding of the local markets, and extensive investment in digital platforms to ensure sustainable growth of the business.
She said the operating environment was largely stable during the period under review, as the authorities maintained the contractionary monetary and fiscal policies that they embarked on from the second half of 2020.
The official exchange rate remained largely stable around ZWL$83 against the US dollar in the first quarter.
The positive developments as well as the rollout of Covid-19 vaccines, Jakanani said generally outweighed the negative impact of renewed Covid-19 infections and reintroduction of restrictive measures by health authorities during the first quarter of the year.
CBZ Holdings subsidiaries were well capitalised. The directors expect their banking subsidiaries to be compliant with the minimum revised requirements which deadline has been moved to December 31 2021.