Zimbabwe News and Internet Radio

CBZ declares $3,5m dividend

CBZ Holdings (CBZ) has declared a $3,5 million dividend for the full year to December 2017, a 10 percent increase on prior comparable period spurred by good performance from all units.

Customers wait for cash at a CBZ branch in Harare (Picture by NewsDay)
Customers wait for cash at a CBZ branch in Harare (Picture by NewsDay)

CBZ chairperson Noah Matimba said the group — which posted a 17 percent after tax profit to $27,8 million — had also seen a significant increase in non-interest income during the period under review.

“In line with the group’s dividend growth policy and considering the need for prudent capitalisation and liquidity management, the board has proposed the declaration of a final dividend of $1 762 371.

“Having declared an interim dividend of $1 762 371, this translates to an annual dividend of $3 524 742, a 10 percent growth from the prior year,” Matimba said.

The group’s total income stood at $175 million, up 10 percent from $159 million in the prior comparable period attributed to growth in non-interest income, which was up 32,3 percent to $91,4 million from $69 million, previously.

Net interest income took a different route sliding 7,4 percent to $75,6 million from $81 million.

The group’s assets rose five percent to $2,2 billion from $2,1 billion in the previous financial year.

Total deposits for the period were also up, jumping 4,2 percent to $1,85 billion from $1,78 billion last year.

CBZ is the country’s largest financial institution by deposits.

Advances were lower at $941,4 million, a 6,5 percent decline as the group adopted a more cautious approach to lending during the period
under review.

The bank’s stock of Treasury Bills (TBs) currently stands at $899,9 million from $760 million in 2016.

The board declared a final dividend of $1,76 million for the year.

Financial Gazette