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HomeCompanies and MarketsCustomer number spurs growth for CBZ

Customer number spurs growth for CBZ

CBZ bank

Customer number spurs growth for CBZ

By Allan Mbotshwa

CBZ Holdings Group posted commendable financial performance during the period, reporting a consolidated inflation adjusted operating revenue of ZW$1.42 trillion from a total revenue of ZW$2.38 trillion.

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 financial position remains strong, as loans and advances to customers closed the period at ZW$7.12 trillion, anchored on a ZW$16.99 trillion customer deposit base.

Insurance operations closed with a ZW$108.64 billion insurance liabilities book, supported by ZW$50.09 billion in insurance and reinsurance assets.

CBZ Holdings group closed the period with a strong capital and asset base, coupled with a robust presence in digital channels anchoring the Group’s transactional volumes and values.

The Group continues to capitalize on its strong market presence, innovation drive, and a customer-centric strategy to sustain its competitive edge.

CBZ continued with its journey to incorporate material environmental, social and governance “ESG” factors into its strategic and operational processes and enhanced its Environmental Management Policy into a broad based ESG policy and Governance structures. The Group also continued to pursue the certification with the European Organisation for Sustainable Development “EOSD”.

Going forward, global interest rates are expected to remain elevated, thereby perpetuating the high cost of international capital as well as the strengthening of the US dollar against other currencies.

The monetary policy measures that were recently introduced by the Reserve Bank of Zimbabwe are expected to foster stability on the foreign exchange markets, whilst perpetuating tight liquidity conditions on the money market.

Climate change will continue to adversely impact the country’s agricultural and related, hence the need for both the private sector and the Government to step up efforts 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.

The Board of Directors is confident of the Group’s ability to remain a going concern owing to its strong financial performance, financial position and resilient business strategy.

The Board has maintained a commitment to evaluate and monitor the Group’s ability to remain a going concern.

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