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ZB total incomes up 394%

ZB Financial Holdings (ZBFH) has recorded a profit after tax (PAT) of ZW$665,38 billion in its financial year performance ended December 31, 2023, owing to a 394% rise in total income.

ZB Financial Holdings (ZBFH) has recorded a profit after tax (PAT) of ZW$665,38 billion in its financial year performance ended December 31, 2023, owing to a 394% rise in total income.

The increase in profit after tax for the period under review is from a 2022 comparative of ZW$161,46 billion.

In a statement attached to its financial results for the year ended December 31, 2023, ZBFH chief executive officer Shepherd Fungura said net interest income rose by 95%, from ZW$96,14 billion in 2022 to ZW$187,9 billion in 2023.

“For the full year to 31 December 2023, the group recorded a 394% rise in total income from ZW$252,445 billion for the prior year period in 2022, to ZW$1,247 trillion in 2023. Income performance continued to be mainly underpinned by fair value adjustments. Fair value adjustments rose by 530%, from ZW$74,443 billion in 2022 to ZW$468,635 billion in 2023,” he said.

“Performance was also supported by a 344% improvement in other operating income, from ZW$107,200 billion in 2022 to ZW$452,68 billion, as well as 287% increase in commissions and fees from ZW$76,451 billion in 2022 to ZW$296,036 billion. Net interest income rose by 95%, from ZW$96,144 billion in 2022 to ZW$187,904 billion in 2023.”

Fungura said loan impairment charges rose by 73%, from a negative ZW$32,76 billion in 2022 to a negative ZW$56,62 billion in 2023.

“Resultantly, net income from lending activities rose by 107%, from ZW$63,382 billion in 2022 to ZW$131,277 billion in 2023,” he said.

During the period under review, mortgages and other advances to clients were ZW$947,12 billion, a significant increase from the 2022 comparative of ZW$287,5 billion.

“Insurance service result fell by 486%, from a deficit of ZW$26,127 billion in 2022, to a deficit of ZW$153,235 billion in 2023, largely as a result of an increase of 327% in insurance service expenses from ZW$88,407 billion in 2022 to ZW$377,642 billion in 2023,” Fungura added.

“Deposits and other related funding account balances grew by 113%, from ZW$524,796 billion as at 31 December 2022 to ZW$1,120 trillion as at 31 December 2023."

The foreign currency exchange rate as at December 30 2022 was US$1:ZW$671,44 and US$1:ZW$6 104,72 as at December 29 2023.

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