CBZ keeps hawk’s eye on global interest rates

CBZ Holdings Limited says it is keeping a hawk’s eye on the global interest rates with a view to tapping into favourably priced lines of credit for the benefit of its customers.

The financial institution leverages on its huge balance sheet to support new and expansion projects in the mining, agricultural and infrastructural development sectors, among others.

In a statement accompanying the company’s financial results for the half year ended June 30, 2023, chairperson Marc Holtzman said the group would continue supporting Zimbabwe’s economic sectors.

“On the global level, the decision by some central banks to halt interest rate hikes provides some prospects for the gradual reduction in the cost of global capital,” he said.

“Therefore, the group will continue to monitor developments around global interest rates with a view to tap into favourably priced lines of credit for the benefit of its various customers.”

Holtzman said the group was making inroads into the renewable energy sector and was mobilising resources to support clients in that sector.

“Increased focus on climate change adaptation and mitigation coupled with intermittent power shortages is also expected to stimulate further investment in green energy and related technologies.

“The group has already made inroads into the renewable energy sector, and it will continue to mobilise resources to meet and support its clients’ growing demands in this space.”

He also noted that the economy is expected to remain strong, with the mining and construction sectors dominating.

“Going forward, key economic sectors are expected to remain strong, providing significant upside potential for the economy.

“Activity is expected to remain elevated in the mining sector, particularly precious and battery metals subsectors, thanks to high global demand.

“The local construction sector will continue to witness visible growth, driven by residential construction as well as public sector investment projects,” Holtzman added.

The group’s profit after tax for the period under review was at ZWL$543,88 billion, up 582% compared to the same period last year.

Total comprehensive income increased by 595% to ZWL$753,70m billion, while total assets stood at ZWL$6,52 trillion against total equity of ZWL$1,30 trillion.

CBZ recorded total deposits of ZWL$4,52 trillion and total advances amounting to ZWL$1,75 trillion.-newsday