HomeBusiness DigestCBZ posts $32 trillion profit

CBZ posts $32 trillion profit

CBZ Holdings achieved a profit after tax of $32,7 trillion, up 192 500% from $17 billion recorded during the same period last year.

The group’s earnings per share at $52 654,77 was a 208 269% leap from $25,27, while non-interest income as a percentage of total income was 79% up from 32% last year.
Cost to income ratio at 16% was down from 27% in 2006 on the back of the robust cost containment strategies being implemented by the group.
The group’s balance sheet increased by 143 381% to $221 8 trillion.
The board of directors decided to pass the declaration of a final dividend for the period under review.
“The decision was a result of the need to utilise the funds for other investments that will add values to the shareholders funds,” the group said in a statement. The group believes that it has managed to consolidate its operations within Zimbabwe and it was now considering investment opportunities outside the country. During the period under review, CBZ Bank achieved a profit after tax of $4,7 trillion, an increase of 112% from last year. The bank’s balance sheet declined from $119,9 trillion in 2006 to $117,6 trillion last year, a 2% decrease due to the reorganisation within the group.
Beverley Building Society’s achieved a profit after tax of $16,6 trillion, a 588% increase from $2,3 trillion in 2006 on the back of surge in non interest income. The balance sheet grew by 170% to 66,2 trillion. CBZ Asset Management trading as Datvest achieved a profit after tax of $5,7 billion, an increase of 217%, while its balance sheet grew from $4,2 trillion in 2006 to $11,6 billion in 2007, an increase of $117%.
The property arm of the group which became operational during the year under review posted a profit of $37, 5 trillion, with a balance sheet size of $50,8 trillion.
— Staff Writer.

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