Chronicle Editor
Business Writer
LISTED financial services provider, CBZ Holdings has said 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.
Recently, regional meteorologists at the 29th Southern Africa Regional Climate Outlook Forum (SARCOF-29) said Zimbabwe and other Southern African countries are set to receive normal to above normal rainfall in the 2024/25 farming season.
Despite normal to below-normal rains from October to December, the season is expected to change to normal to above normal between January and March next year.
In its unaudited interim consolidated financial results for the half year ended 30 June 2024, CBZ group chairman, Luxon Zembe noted that the new weather patterns are expected to boost activity in the agricultural and related sectors, going into the summer cropping season.
He said the Government is also expected to continue with the public infrastructure investment programme and private sector construction projects in the residential and industrial segments is 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.
In the period under review, he noted that the group delivered a strong set of financial results demonstrating the strength of its robust strategy.
“Having consistently delivered the financial services needs of over one million customers, our profit after tax for the period under review stood at ZWG656,3 million. 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.
He added that investment and insurance products have seen a significant increase in demand, while transactional, loan, and deposit activity has grown substantially.
“The group maintains a strong financial position of ZWG17,59 billion, supported by a customer deposit base of ZWG11,50 billion, loans and advances totalling ZWG4,76 billion. The group closed the period with a robust capital base and all subsidiaries were adequately capitalised.”
In the period under review, the group achieved key milestones including the commissioning the Datvest Northgate Property Investment Project, a US$150 million mixed use housing project encompassing 8 000 stands comprising residential, shopping centres, schools, and civil services that features smart living spaces, green infrastructure, and luxurious amenities.
The group also raised an additional US$115 million in lines of credit from strategic partners including the Africa Export-Import Bank (Afrexim-bank), Shelter Afrique and TDB Bank, to meet the economy’s growing funding demands.
derick.khumalo