By ETimes

HARARE – The net profit for the full year ended 31 December 2023 at CBZ Holdings was $693.56 billion, up 330% from $161.28 billion in 2022, despite facing economic challenges and uncertainties.

The feat is a testament to CBZ Holdings’ resilience, adaptability and astute decision-making amidst an ever-changing economic landscape.

Total comprehensive income was $921.37 billion, up 340% from $209.34 billion in 2022, reflecting the successful and sustained execution of the bank’s growth strategy. Diversified revenue sources help reduce dependency on a single income stream and enhance overall financial stability.

Total deposits were up 71% to $5.57 trillion from $3.26 trillion in the comparative period.

Accordingly, total advances grew by 145% to $2.07 trillion. The group has extensive exposure to the agricultural industry.

“In particular, the extension of the multi-currency system to 2030 provided the much needed policy clarity and consistency for the given period, thereby enabling the group to effectively underwrite long-term products,” group chairman Luxon Zembe said in a statement accompanying the results.

“The group also continued to leverage on its strong investment in intellectual, manufactured and financial capital to continuously develop and offer solutions that satisfy the needs of its wide range of clients. These included, among others, enhancement of products and mobilisation of external lines of credit to better meet the loan requirements of industry.”

image.pngCBZ Holdings’ balance sheet quality was further strengthened.

In the period, total assets reached $8.25 trillion, marking a substantial increase of 80% compared to $4.59 trillion recorded in the comparable period last year.

Higher total assets indicate the group’s capacity to support its operations, investments, and lending activities.

Consequentially low commodity prices, particularly for basic metals and PGMs, more supply chain and trade flow disruptions, and weak currencies are some of the negative risks to the country’s growth predictions.

“The Group will continue to monitor these developments for quicker detection of and response to emerging risks and opportunities,” he said.

The group is poised to declare a dividend.

“The final dividend amount for the year ending 31 December 2023 is still being finalised by the Board.

“A separate dividend announcement with record and settlement dates will be published separately in due course.”