CBZ asset base rises 71% in Q3

In a trading update for the nine months ended September 30, 2024, CBZ recorded a profit after tax of ZiG1,01 billion and total income of ZiG2,68 billion.
FINANCIAL giant CBZ Holdings Limited’s asset base rose by 71% to ZiG30,05 billion in the third quarter ended September 30, 2024, owing to a robust financial performance.

The increase in its asset base is from ZiG17,58 billion, recorded as of the end of June.

This growth was assisted by a depreciation of local currency, the ZiG, in the period under review.

In a trading update for the nine months ended September 30, 2024, CBZ recorded a profit after tax of ZiG1,01 billion and total income of ZiG2,68 billion.

“The group delivered a robust financial performance for the period under review, underpinned by a solid asset base of ZiG30,05 billion, a comprehensive product range and a strategy that continues to position the business favourably within a competitive landscape,” CBZ said.

“With a profit after tax of ZiG1,01 billion and a total income of ZiG2,68 billion, the group has effectively leveraged its core strengths to achieve consistent growth.

“Net interest income reached ZiG880,02 million, supported by a loan portfolio of ZiG8,90 billion, highlighting the group’s prudent approach to lending and commitment to maintaining high-quality assets.”

The group added that non-interest income of ZiG1,8 billion underscored its strategy to diversify revenue streams, reduce the reliance on interest income and enhance income stability through diversified financial services and product offerings.

“The group’s strong market presence, supported by a deposit base of ZiG18,51 billion, continues to provide a key funding source, enabling it to support lending activities to the key sectors of the economy while effectively managing liquidity,” CBZ said.

According to CBZ its 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,” CBZ said.

CBZ said it would continue to deploy its capital towards unlocking long-term value for its stakeholders.

“The board of directors remains confident in the group’s capability to operate as a going concern, underpinned by strong financial performance and an agile business strategy,” CBZ said.

CBZ Holdings’ share price rose by 90,8% to close the quarter at ZiG14.

The company ended the quarter with a market capitalisation of ZiG7,3 billion, the fourth ranked listed counter on the Zimbabwe Stock Exchange.-newsa