CBZ posts $13m profit

HARARE - Financial group CBZ Holdings (CBZ) recorded a $12,8 million profit after tax in the half year to June 2014, down from $16 million recorded in prior comparable period.

The group owns Zimbabwe’s largest bank by assets, CBZ Bank.

During the period under review, total assets increased to $1,7 billion from $1,35 billion whilst liabilities surged to $1,5 billion from $1,35 billion.

Deposits grew to $1,4 billion from $1,1 billion while advances increased to $1 billion from $907 million.

Net interest income decreased to $41 million from $43,9 million.

Non-interest income increased to $24,7 million from $21 million.

The group’s total comprehensive income decreased to $12,8 million from $16 million while CBZ Bank’s was down to $6,5 million from $8 million in prior comparable period.

Its insurance division, CBZ Life Limited’s net written premium for the period was $4,3 million from $3,8 million in prior year’s comparable period.

Underwriting profit decreased to $1,2 million from $1,7 million recorded in previous year period.

Richard Wilde, the group’s chairperson, said the performance was “against the backdrop of a slowdown in the domestic economy”.

“ ...the financial services sector remained under pressure and continues to grapple with increasing levels of non-performing loans as a result of the worsening repayment capacity of borrowers,” he said.

The group declared an interim dividend of $1, 26 million.


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