CBZ Holdings has reported a robust financial performance for the first quarter of 2024, maintaining a strong financial position with loans and advances totaling $7.12 trillion, supported by a substantial $16.99 trillion deposit base.
In its latest trading update, the financial group highlighted a consolidated inflation-adjusted operating revenue of $1.42 trillion out of a total revenue of $2.38 trillion. “This strong performance was bolstered by sustained growth in customer numbers, deposits, transactional activity, and uptake of the group’s comprehensive product range,” explained Mrs. Rumbidzayi Jakanani, the group’s chief governance officer.
During the review period, CBZ’s insurance operations closed with a $108.64 billion insurance liability book, backed by $50.09 billion in insurance and reinsurance assets. Mrs. Jakanani emphasized that the group’s strong capital and asset base, along with its robust digital presence, significantly boosted transactional volumes and values.
The group continues to leverage its market presence, innovation, and customer-focused strategies to maintain a competitive edge. Group CEO Mr. Lawrence Nyazema shared plans to enhance the local deposit base with additional lines of credit, aiming to secure around US$100 million from two financial institutions, supplementing the current US$40 million in credit lines.
Looking ahead, CBZ Holdings expects global interest rates to stay high, maintaining the elevated cost of international capital and strengthening the US dollar. The recent monetary policy measures by the Reserve Bank of Zimbabwe are anticipated to stabilize the foreign exchange markets and tighten liquidity in the money market.
Additionally, CBZ recognizes the ongoing impact of climate change on Zimbabwe’s agricultural and related sectors. The group calls for increased efforts from both the private sector and government towards climate change mitigation, adaptation, and relief programs.
“The group will continue to reconfigure and position its business model towards unlocking long-term value for its stakeholders,” said Mrs. Jakanani.
As Zimbabwe’s largest bank by assets and deposits, CBZ Bank remains a cornerstone of CBZ Holdings’ extensive financial services portfolio, underlining its significant role in the nation’s banking sector.
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