CBZ deposit base anchors lending activities
CBZ Holdings says a 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.
Group chief governance officer, Rumbidzayi Jakanani, in a trading update for the nine-month period to September 30, 2024, said the group’s strategy that 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,” she said.
During the period under review, the group’s financial performance was 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.
Jakanani 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.
The group’s 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.
“Furthermore, non-interest income of ZiG1,80 billion 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,” she said.
She noted that the group’s subsidiaries are all adequately capitalised, in compliance with regulatory requirements.
In Zimbabwe, the fiscal authorities are expected to present the 2025 National Budget during the fourth quarter of the year, with prospects of normal to above-normal rainfall, firming gold prices, and continued infrastructure projects anchoring economic activity and growth.
Jakanani said the group will continue to deploy its capital towards unlocking long-term value for its stakeholders.-ebsinessweekl
