Tinaye Agere
Michael Tome
ZB Financial Holdings says its capital and liquidity levels are robust, reflecting a solid financial position across the organisation.
According to ZB, all business units within the group are compliant with the minimum regulatory capital requirements, ensuring stability and adherence to industry standards.
However, it is noted that the ZB Building Society has not met these regulatory capital benchmarks, indicating an area that may require attention and improvement.
“ZB Financial Holdings’ capital and liquidity levels remained strong, with all business units being compliant with minimum regulatory capital requirements apart from ZB Building Society,” said ZBFH Company Secretary Tinashe Masiiwa in the trading update for the third quarter to 30 September 2024.
This comes as the group recorded a profit after tax amounting to ZiG1, 2 billion for the first three quarters of 2024, attributed to effective cost management strategies and a robust balance sheet that has been well-maintained.
Year-to-date, total income reached ZiG1,83 billion. However, it is important to note that the third quarter experienced modest income growth compared to the previous quarter due to a decline in fair value credits and foreign exchange gains, alongside challenging business conditions that impacted overall performance.
The total income figures were notably bolstered by various components as net interest income accounted for ZiG282,5 million, reflecting an enhancement in net interest margins that has positively affected earnings.
Online Reporter