peter
Business Reporter
ZB Financial Holdings Group says its performance outturn for the second quarter ended 30 June 2020 remained solid despite the adverse environmental factors affecting the country’s economy.
While the detailed financial results for the half year period are set to be published before the end of this month, group chief executive officer Mr Roy Mutandagayi, said ZB Holdings has managed to score some milestones within the reporting period, whose fortunes has been generally characterised by depressed economic activity following the outbreak of Covid-19 and the subsequent lockdown measures.
The health crisis has stoked economic fragilities, which had existed previously and continue to affect business operations.
These include continued increases in general level of prices, foreign currency exchange regime discrepancies, shortages of basic commodities, notably fuel and staple grains as well as raging inflation averaging 21.48 percent with year-on-year inflation closing the period at 737.32 percent.
Mr Mutandagayi said ZB’s total income for the second quarter (Q2) was 548 percent higher than the total revenue earned in the first quarter (Q1).
Cumulative income for Q2 was 2 955 percent up on the total revenue posted in the comparative period in 2019. Similarly, the period saw the group increasing its aggregate number of accounts in the banking operations by nine percent.
“Income growth was largely anchored on fair value credits and foreign currency exchange gains, collectively making up 89 percent of total revenue,” he said in a latest trading update.
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