Harare – Shares of Zimbabwe’s largest diversified financial services group, CBZ Holdings increased by 204.75% reaching 204.75 in the half year ended 30 June 2019, which was above the overall market as measured by the ZSE All Share index, which rose by 40% in the same period.
The share price outperformance was complimented by an impressive profit performance which however, a like for like comparison of the latest financial highlights to those of previous year can be distortive following the changes in reporting currency implemented by government this year.
The Group posted a 300% increase in profit after tax to ZWL$137.4 million during the period under review compared to ZWL$34.3 in the same period last year as net interest income surged 18% to ZWL$47.9 million from ZWL$40.8 million last year.
In a statement accompanying the financials, Group Chairperson Noah Matimba highlighted that although the operating environment deteriorated significantly during the period under review, the Group has seen opportunities for its business to grow.
“Notwithstanding the above developments, it is pleasing to note that all CBZ business units have thus far adapted successfully and are weathering the prevailing and seemingly volatile environment,” Mr Matimba said.
Loans and advances for the period increased by 33% to ZWL$649.0 million compared to ZWL$487.0 million in the prior comparative period.
Meanwhile, the Group’s total assets value increased to ZWL$3.7 billion from ZWL$2.4 billion in the same period last year.
Mr Matimba said the Group remains financially and technically well prepared and positioned to pursue current and emerging business opportunities, whilst at the same time managing the attendant business risks and threats.
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