CBZ Holdings profits up 6,6%

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ZIMBABWE’S largest banking group by deposits and market share, CBZ Holdings has posted an after tax profit of US$35,2 million for the full year to December 2015, up 6,6% on prior comparative period, driven by growth in interest income, the company reported on Thursday.

Staff Writer

Interest income rose to US$203 921 398 from US$190 213 435 as the group embarked on an aggressive lending strategy on the backdrop of a liquidity crunch. Interest expense retreated to US$94m from US$101m.

Basic earnings per share grew to 6,52 US cents from 5,59 US cents as the group proposed the declaration of a final gross dividend of US$1 456 504.

Deposits were up 15% to US$1,6 billion during the period under review.

Looking ahead, the group said it would explore more growth opportunities to unlock shareholder value.

“It is important to note that policy consistency and coherence, investment in infrastructure and promotion of new and old markets are key initiatives for economic growth,” said group chairman Richard Wilde in a statement.

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