CBZ Holdings posted a profit after tax of $13,7 million in the half year ended June 30 from $12,8 million in the comparable period in 2014 driven by an increase in total income.
BY BUSINESS REPORTER
Total income was up 18,2% to $82,3 million during the period from $69,6 million last year.
Deposits grew by 19,7% to $1,69 billion during the period from $1,45 billion recorded during the comparable period last year.
Advances were up 1% to $1,11 billion from $1,04 billion last year.
Cost-to-income ratio went down to 63,1% from 66,7% during the same period last year as the group manages its costs.
The share of non-interest income to total income was 33,1% down from 35,6% during the same period last year. Monetary authorities have been urging banks to get the bulk of their incomes from interest on loans rather than on bank charges and ledger fees.
In a statement accompanying the group’s financial results, CBZ board chairman Richard Wilde said it was critical for the country to invest in key economic enablers such as civil infrastructure and to ensure the soundness of the financial markets.
“The economic multiplier effect arising from such include employment creation and the growth of the necessary aggregate demand,” he said.