By ETimes
HARARE – CBZ Holdings, the biggest bank in Zimbabwe, released its financial results for the half year ended 30 June 2023, with an inflation-adjusted profit after tax of $543.87 billion, an increase of 582% compared to the same period of the previous year.
The growth is attributed to the bank’s performance, as reflected in all profitability metrics, with return on equity (ROE) and return on assets (ROA) increasing to 91.8% and 30.9% respectively.
This comes as the country’s banking sector continues to rack up profits as it counters growth in lending business.
Accordingly, bank deposits appreciated by 113% to $4.52 trillion from $1.41 trillion in the comparative period.
Total advances grew by 217% to $1.74 trillion. The group has extensive exposure to the agricultural industry.
The group’s total comprehensive income was up 595% to $753.70 billion.
For the period under review, the group declared an interim dividend equivalent to US$3 million or 0.525 cents per share.
“A separate dividend announcement with record and settlement dates will be published,” Marc Holtzman, group chairman, said in a statement accompanying the results.
CBZ Holdings Limited is currently the third most valuable stock on the ZSE with a market capitalization of $554 billion, which is about 5.72% of the Zimbabwe Stock Exchange equity market.
The counter closed Thursday session at $805.06 per share on the ZSE, recording a 0.1% drop from its previous closing price of $806.10 in the previous session.