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CBZ urges to change Zimbabwe's economy direction

CBZ urges to change Zimbabwe's economy direction

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CBZ Holdings, Zimbabwe’s largest diversified financial services group, believes the economy has reached a point where a change in the direction.

And the economy is required and has called on government to take a number of measures to rebuild “public and investor confidence”.

The public-quoted company issued the statement in its half-year financial report for the year-ended June 30,2018, which showed an increase in operating income and profit after tax.

Compared to the same period last year, operating income rose to $39,9 million from $27,3 million during the period under review.Loans and advances to customers went down to $767,6 million from $941,4 million, but net interest income grew to $40,7 million from $39,6 million.Profit after tax increased to $34,3 million from $11,9 million.

During the period under review, total assets for the group rose to $2,4 billion from $2,1 billion, while total liabilities grew to $2,2 billion from $1,8 billion as deposits ballooned to $2,1 billion from $1,8 billion.

CBZ holdings remains well geared to leverage its sizeable balance sheet, strong market presence, diversified business portfolio, strong credit ratings and investment in research and development to pursue emerging opportunities and manage attendant threats from the operating environment.

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