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CBZ Increases Profit By 300%

FinTech

CBZ Increases Profit By 300%

CBZ Holdings Limited recorded a 301% increase in profit-after-tax to ZWL$137,4 million in the six months ended June 30, 2019, 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. The strong performance mainly to the performance by its subsidiaries.

In a statement accompanying the financials, the group, highlighted that although the operating environment deteriorated significantly during the period under review, CBZ 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,” the grp said.

During the period under review, the bank’s total deposits went up 25% to ZWL$2,69 billion from a comparative 2018 of ZWL$2,15 billion.

Loans and advances to customers amounted to ZWL$108,2 million, an increase from ZWL$22,8 million posted in 2018. The bank’s cash and cash equivalents decreased to ZWL$891 677 compared to ZWL$1,34 million recorded in the same period last year.

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.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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