IT is a well known technique of political spin doctors to publish good news by releasing it when peopleâ€™s attention is not distracted, companies have latched on this during the reporting.
CBZ Holdings on Monday announced that it posted a profit after tax of $786 quadrillion (old currency) in the half year ended June 30, 2008 up 112 million % compared to $705 billion last year when the financial market was still trying to focus on what was in store during the week.
The group which said it is poised to reclaim its status as the best bank in Zimbabwe saw its profit before taxation increase to $1055 quadrillion from $927 billion last year a 114 million percent increase.
The bank is ranked as the second best indigenous commercial bank in the country.
Being second however, means you are first of the losers, and if the current figures are anything to go by the bank could reclaim its status.
Of the groupâ€™s profits, Beverley Building Society posted a $497 quadrillion profit after tax compared to $23 quadrillion in 2007, representing an increase of 2030%.
The balance sheet grew by 727% to $1,6 quintillion.
CBZ Asset management which trades as Datvest achieved a profit after tax of $73 quadrillion, an increase of 502% compared to 2007. The companyâ€™s balance sheets grew from $34 quadrilllion
The commercial bank achieved a profit after tax of $117 quadrillion, a 1 250% increase compared to the same period last year.
The banks balance sheet grew by 727% to $1,6 quadrilllion.
The groupâ€™s basic Basic Earning Per Share grew by over 114% billion to $1 149 753 821 while non interest income to total income grew to 98% up from 69% last year.
Cost to income ratio improved from 15% last year to 3.
Total balance sheet grew by 2,2% million to $4 821 quadrillion up from $222 trillion in December 2007.
Total shareholdersâ€™ funds increased by 3,1% million to $2886 quadrillion from $92 trillion as at 31 December 2007.
In view of the regional expansion programme and need to maintain minimum capital requirements, the board passed the interim dividend.
Surplus conditions were experienced during the greater part of the first year with daily surplus peaking at $25 quadrillion by end of June 2008.
Largely expanding these liquidity significant injections were increased government expenditures, related to the 2008 elections, gold and foreign currency purchases as well as disbursement in support of economic and social activities. The operating environment remained constrained as evidenced by continued shortages of foreign currency, continued power and water cuts, and escalating prices of basic commodities and production inputs.
By Paul Nyakazeya