By ETimes
The net profit for the first nine months of 2023 at CBZ Holdings was $636.64 billion, up 696.1% from $79.97 billion in the comparative period, according to financial statements filed to the Zimbabwe Stock Exchange on November 16th.
The feat is a testament to CBZ Holdings’ resilience, adaptability and astute decision-making amidst an ever-changing economic landscape.
Revenue was $1.53 trillion, up 136.66% year-on-year, reflecting the successful and sustained execution of the bank’s growth strategy.
Total deposits were up 113.44% to $4.81 trillion from $2.25 trillion in the comparative period.
CBZ Holdings announced that the return on equity improved to 79.8% while the return on assets surged to 21.2%.
Total advances grew by 57.07% to $1.7 trillion. The group has extensive exposure to the agricultural industry.
CBZ Holdings’ balance sheet quality was further strengthened. In the period, total assets reached $6.66 trillion, marking a substantial increase of 113.09% compared to $3.12 trillion recorded in the comparable period last year.
“The group performed well during the period under review, with all its regulated subsidiaries being adequately capitalized,” the group said in its trading update for the nine months ended September 30, 2023.
“The group’s business underwriting strength aligns with the thrust to grow market shares within all the sub-sectors it operates in.”
In the outlook, the group expects to harness opportunities arising from the impact of the El Nino phenomenon, which analysts fear will pose a serious threat to economic growth going into next year.
“In Zimbabwe, the major downside risk remains the projected normal to below normal rainfall forecasts, which may adversely affect output in the agricultural sector, particularly for farmers that depend on rainwater as well as activity in the sectors that depend on the agricultural sector for raw materials.
“However, these developments may also bring about new opportunities, among them, new markets, improved crop quality for those crops that do not require excess water, enhanced activity in other sectors such as mining that are usually affected by excessive rains and grain imports to ensure food security, among others,” the bank said.
CBZ share price lost 5.7% to close the Thursday session at $1,980.21.
The counter began the year with a share price of $135.00 and has since gained 1,367% on that price valuation, ranking it ninth on the ZSE in terms of year-to-date performance.
CBZ Holdings is currently the third most valuable stock on the ZSE, with a market capitalization of $1.36 trillion-HARARE