FINANCIAL giant, CBZ Holdings’ shrewd management practices have delivered a net ZWG1,01 billion profit in just nine months.
Presenting a trading update for the nine months ended September 30 2024, Group Chief Governance Officer, Rumbidzayi Jakanani said the solid performance during the period was underpinned by a solid asset base and aggressive strategies.
“With a profit after tax of ZWG1.01 billion and a total income of ZWG2.68 billion, the group has effectively leveraged its core strengths to achieve consistent growth. Net interest income reached ZWG880.02 million, supported by a loan portfolio of ZWG8.90 billion, highlighting the Group’s prudent approach to lending and commitment to maintaining high-quality assets.
“Furthermore, non-interest income of ZWG1.80 billion underscored the group’s strategy to diversify revenue streams, reduce reliance on interest income, and enhance income stability through diversified financial services and product offering,” she said.
The Group’s strong market presence, supported by a deposit base of ZWG18.51 billion, continues to provide a key funding source, enabling it to support lending activities to the key sectors of the economy while effectively managing liquidity.
During the period under review, the Group reached the minimum certification level under the Sustainability Standards Certification Initiative “SSCI”, and subsequently submitted its project for review by the certifying body.
In addition, to further embed sustainability into its operations, the Group formulated a long-term sustainability strategy, which will be implemented across the organization to enhance compliance.
Added Jakanani, “The Board of Directors remains confident in the Group’s capability to operate as a going concern, underpinned by strong financial performance and an agile business strategy.
“The Board remains committed to continuously assessing and ensuring the Group’s ability to sustain its operations well into the future, maintaining diligent oversight to support the Group’s long-term stability and resilience.”
