admin
Business Reporter
CBZ Holdings says its financial position remains strong after loans and advances closed the quarter to March 31, 2024 at $7,12 trillion, anchored by a $16,99 trillion deposit base.
In a trading update for the period under review, the group said it posted a strong financial performance, reporting a consolidated inflation-adjusted operating revenue of $1,42 trillion from a total revenue of $2,38 trillion.
“This strong performance was bolstered by sustained growth in customer numbers, deposits, transactional activity, and uptake of the group’s comprehensive product range,” said Mrs Rumbidzayi Jakanani, group chief governance officer, in a trading update.
She said in the period under review, the insurance operations closed with a $108,64 billion insurance liability book supported by $50,09 billion in insurance and reinsurance assets.
“The group closed the period with a strong capital and asset base, coupled with a robust presence in digital channels, anchoring the group’s transactional volumes and values,” said Mrs Jakanani.
She said that the group continued to capitalise on its strong market presence, innovation drive, and customer-centric strategy to sustain its competitive edge.
In an interview recently, group chief executive officer Mr Lawrence Nyazema said the group was looking to supplement its local deposits with lines of credit.
He said the bank expected to secure around US$80 million from one financial institution and an additional US$20 million from another.
Currently, CBZ has only US$40 million in lines of credit, but the financial services group aims to increase this amount.
In the outlook, the group said global interest rates were expected to remain elevated, thereby perpetuating the high cost of international capital as well as the strengthening of the US dollar against other currencies.
It said the monetary policy measures that were recently introduced by the Reserve Bank of Zimbabwe were expected to foster stability in the foreign exchange markets while perpetuating tight liquidity conditions in the money market.
CBZ also noted that climate change would continue to adversely impact the country’s agricultural and related sectors, hence the need for both the private sector and the government to step up efforts towards climate change mitigation, adaptation, and relief programmes.
“The group will continue to reconfigure and position its business model towards unlocking long-term value for its stakeholders,” said Mrs Jakanani.
CBZ Holdings has the largest bank in the country, CBZ Bank, in terms of assets and deposits.
Online Reporter
dyton mupawaenda