daniel chigunwe
Business Writer
CBZ Holdings delivered a strong financial performance in the third quarter ending September 30, 2024, supported by a solid asset base and strategic positioning in a competitive environment.
With an asset base of ZiG30,05 billion, a profit after tax of ZiG1,01 billion and total income reaching ZiG2,68 billion, CBZ effectively leveraged its strengths to achieve notable growth.
The group’s prudent lending approach was evident in its net interest income of ZiG880,02 million, bolstered by a ZiG8,90 billion loan portfolio.
Rumbidzayi Jakanani, CBZ’s Group Chief Governance Officer, highlighted that these results are a testament to CBZ’s commitment to quality assets, stating; “We are proud to maintain high-quality assets that sustain growth and resilience.”
In addition to interest income, CBZ successfully diversified its revenue streams. Non-interest income of ZiG1,80 billion demonstrated CBZ’s effective strategy to reduce dependency on traditional lending while ensuring income stability.
The group’s deposit base of ZiG18,51 billion provided a strong funding foundation to support key sectors within Zimbabwe’s economy.
Jakanani elaborated on the Group’s vision; “CBZ’s customer-centric solutions and targeted market expansion allow us to navigate economic challenges effectively while seizing growth opportunities.”
The group’s subsidiaries remained fully capitalised, meeting all regulatory requirements. This strong capital position underscores CBZ’s compliance and operational readiness across its various divisions.
The board of directors expressed confidence in the group’s sustainability as a going concern, emphasising diligent oversight to maintain stability.
“Our robust financial foundation and agile business strategy are essential in ensuring CBZ’s long-term resilience and value for stakeholders,” Jakanani said.
Looking ahead, CBZ is optimistic about a favourable lending environment due to projected softening of global interest rates, which should encourage credit expansion and stimulate economic activity.
However, the group remains cautious amid uncertainties in global markets, including the U.S. elections, geopolitical tensions in the Middle East and climate-related risks.
In Zimbabwe, the anticipated 2025 National Budget, along with promising prospects in rainfall and gold prices, are expected to drive economic growth, with infrastructure projects providing further stability.
CBZ Holdings is committed to deploying capital strategically to unlock long-term value.
Jakanani reaffirmed this direction: “Our focus remains on building a strong financial foundation to ensure we deliver sustained value for our stakeholders in an evolving economic landscape.”
The group’s future outlook is underpinned by a proactive approach to growth, resilience, and stakeholder value creation.
Bongani Ndlovu