CBZ Holdings reports ‘strong financial results’ despite ‘complex conditions’

The global economic landscape has been marked by significant challenges, including escalating geopolitical tensions, elections in major economies, and interest rate decisions across major central banks, CBZ Holdings, a leading Zimbabwean financial institution has asserted.

These challenges have had far-reaching impacts on emerging markets, including Zimbabwe.

In this context, CBZ Holdings Limited, a leading financial services group in Zimbabwe, has reported a strong set of financial results for the half year ended June 30, 2024.

Despite the challenging economic environment, the group delivered a profit after tax of ZWG 656.3 million, driven by its customer-centric approach, accessible digital platforms, and diverse product offerings.

The group’s chairman, Luxon Zembe, noted that the company’s resilient performance was a testament to its ability to navigate complex economic conditions.

“The period under review was characterised by several key events that altered the course of the global and regional economies.

“These include, among others, escalating geopolitical tensions in the Middle East, elections in major economies such as South Africa, the United Kingdom and India, as well as interest rate decisions across major central banks,” Zembe said.

“We are proud of our ability to deliver strong financial results despite the challenging global economic environment.

“The Group delivered a strong set of financial results for the half year ended 30 June 2024, demonstrating the strength of our robust strategy,” Zembe stated.

“Having consistently delivered the financial services needs of over 1 million customers, our profit after tax for the period under review stood at ZWG 656.3 million.

“This performance was buttressed by our customer-centric approach to nurturing relationships with customers, accessible and reliable digital platforms, enhanced disbursements and a diverse product offering to address the financial needs of our valued customers.”

The group also acknowledged the significant challenges facing the Zimbabwean economy, including the downgrade of the projected growth rate for the agricultural sector and the introduction of measures by the Reserve Bank of Zimbabwe aimed at bringing macroeconomic stability.

Looking ahead, the group said it remained cautious about the economic outlook but is optimistic about its prospects, citing the expected boost in activity in the agricultural and related sectors due to better rainfall prospects during the 2024/25 season.