FINANCIAL juggernaut, CBZ Holdings Limited, has posted a profit after tax of ZWG656,3 million for the half-year ended June 30, 2024, after delivering services and implementing a customer-centric approach to business.
In a statement accompanying the group’s financial results for the period under review, CBZ group chairperson Luxon Zembe said insurance products significantly increased in demand, while transactional, loan and deposit activity also firmed, contributing to the group’s overall performance.
During the comparative 2023 half year period, CBZ posted a profit after tax of ZWG1,23 billion.
“The group delivered a strong set of financial results for the half year ended June 30, 2024, demonstrating the strength of our robust strategy. Having consistently delivered the financial services needed by over one million customers, our profit after tax for the period under review stood at ZWG656,3 million,” Zembe said.
“This performance was buttressed by our customer-centric approach to nurturing relationships with our customers, accessible and reliable digital platforms, enhanced disbursements and a diverse product offering to address the financial needs of our valued customers.
“Our investment and insurance products have seen a significant increase in demand, while our transactional, loan and deposit activity has grown substantially.”
He noted that the group maintained a strong financial position of ZWG17,59 billion at the end of the period under review.
This financial position was supported by a customer deposit base of ZWG11,50 billion and advances to customers totalling ZWG4,76 billion.
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“The group closed the period with a robust capital base and all subsidiaries were adequately capitalised,” Zembe said.
“We are determined to continue our focus on innovation, our strong dedication to ensuring customer satisfaction and our solid market position to maintain our competitive edge in the industry.”
He said the bank would leverage the anticipated increased rainfall for the 2024/25 farming season and the government’s infrastructure development projects to unlock long-term value for all its stakeholders.
“The prospects of better rainfall during the 2024/25 season are expected to boost activity in the agricultural and related sectors, going into the summer cropping season,” Zembe said.
“The government is also expected to continue with the public infrastructure investment programme, whereas private sector construction projects in the residential and industrial segments are expected to remain strong, buoyed by significant inflows of diaspora remittances and free funds.
“The group will continue to reconfigure and position its business model towards unlocking long-term value for its stakeholders.”
He said the board was still finalising the interim dividend amount for the half year under review, noting that a separate announcement with a record and settlement dates would be published in due course.
The group posted a total comprehensive income of ZWG463,1 million for the period under review, compared to ZWG1,7 billion posted during the same timeframe last year.
Total equity was ZWG4,33 billion for the period under review, compared to that recorded at the end of 2023.
