CBZ FY profit jumps 17pc

Kudakwashe Mhundwa
HARARE – Listed financial services provider CBZ Holdings posted an after tax profit of $27, 8 million for the year to December 31, 2017, a 17 percent rise from prior year.

The improved profitability was on the back of a significant increase in non-interest income during the period under review.

CBZ’s total income stood at $175 million, up 10 percent from $159 million in the prior comparable period.

Management attributed this to growth in non-interest income, which was up 32, 3 percent to $91, 4 million from $69 million, previously. Net interest income took a different route sliding 7, 4 percent to $75, 6 million from $81 million.

The group’s assets rose 5 percent to $2, 2 billion from $2, 1 billion in the previous fiscal year.

Total deposits were also up, jumping 4, 2 percent to $1, 85 billion from $1, 78 billion last year. CBZ is the country’s largest financial institution by deposits.

Advances were lower at $941, 4 million, a 6, 5 percent decline as the group adopted a more cautious approach to lending during the period under review.

The bank’s quantum of Treasury Bills (TBs) currently stand at $899, 9 million from $760 million in FY2016.

The board declared a final dividend of $1, 76 million for the year.