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CBZ named to Global Finance Magazine’s list of Africa’s best banks

ByEconomic Times

Jun 12, 2023

By ETimes

CBZ Holdings, the country’s leading financial products and services provider, has been named among the best banks in Africa, a recent report shows.

In its World’s Best Banks 2023—Africa report, Global Finance Magazine revealed that African banks are still strong and prepared to withstand any adversity.

The best bank in Zimbabwe, CBZ Bank, commands the market regarding assets, loans and deposits, according to Global Finance Magazine.

“The bank has committed to investing 2% of its income in green projects,” reads the report.

CBZ recorded an increase of 24.7% in its inflation-adjusted profit for the year ended 31 December 2022, as it recorded a profit after tax of $33.04 billion compared to $26.49 billion that it made in the comparable period of 2021.

In its full-year abridged audited inflation adjusted financial results released to investors on the Zimbabwe Stock Exchange, the bank recorded total comprehensive income of $43.04 billion, a year-on-year increase of 32.4% as against $32.51 billion recorded in 2021.

Likewise, its interest income went up by 16.41% year on year to $87.21 billion compared to $74,91 billion in 2021, while its non-interest income appreciated by 125.47% to $179.02 billion from $79.39 billion in 2021.

The group is expected to continue driving the digital banking agenda for the growth of the non-interest income line.

CBZ closed its last trading day (Thursday, June 8, 2023) at 1,860.00 ZWL per share on the ZSE, recording a 15% gain over its previous closing price of 1,617.3968 ZWL.

CBZ began the year with a share price of 135.00 ZWL and has since gained 1,278% on that price valuation, ranking it sixth on the ZSE in terms of year-to-date performance – Harare

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