- CBZ Holdings' loan base soared to ZWL7.12 trillion, cementing its position as the largest bank
- The group's insurance operations grew substantially to ZWL108.64 billion
- Operating revenue shoot to ZWL1.42 trillion, a commendable performance
Harare - Diversified blue-chip company CBZ Holdings, listed on the Zimbabwe Stock Exchange, has posted strong results in its first quarter of the 2024 fiscal year solidifying its position as the largest bank in Zimbabwe in terms of loans, assets, and deposits.
According to the latest data, CBZ Holdings has the country's top bank, with Cabs, Stanbic, and FBC Holdings following. CBZ's focus on expanding its asset base through strategic acquisitions, including stakes in FML and ZB Financial Holdings, will further strengthen its market dominance.
Loans and advances to customers closed the period at ZWL7.12 trillion, anchored on a ZWL16.99 trillion customer deposit base with the insurance operations closing at ZWL108.64 billion in insurance liabilities book, supported by ZWL50.09 billion in insurance and reinsurance assets.
Consequently, operating revenue of ZWL1.42 trillion from a total revenue of ZWL2.38 trillion was obtained, representing a commendable financial performance.
It is the first bank to cross the 7 trillion tally in loan base as well as earnings of over 2 trillion in 3 months.
"This strong performance was bolstered by a sustained growth in customer numbers, deposits, transactional activity, and uptake of the group's comprehensive product range," the group stated.
"The Group continues to capitalize on its strong market presence, innovation drive, and a customer-centric strategy to sustain its competitive edge," the company added.
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