CBZ Holdings sees 13% drop in profit

FINANCIAL services group CBZ Holdings has seen a 13% drop in profit after tax to $11,9 million in the six months ended June 30 from the previous period last year due to a decline in interest income.

BY BUSINESS REPORTER

In the same period last year, CBZ posted a profit after tax of $13,7 million.

Interest income for the group went down to $89,2 million from $101,4 million in the same period in 2015.

Non-interest income grew to $31 million during the period under review from $27,3 million last year.

Total deposits grew by 5% to $1,77 billion during the period under review from $1,69 billion in the comparable period last year.

Advances were down to $1,02 billion from $1,1 billion recorded in the same period last year as it tightens screws due to the harsh economic environment which has spawned defaults.

Non-interests income contributed 42,4% to total income up from 33,3% last year, an indication that the contribution of interest income was declining as the group cut back on lending and reaping more from transaction charges.

Cost to income ratio grew to 72,2% from 63,1% in the same period last year.

In a statement accompanying the financial results, chairman Elliot Mugamu said the board proposed the declaration of an interim gross dividend of $1 602 155 in line with the group’s dividend growth policy and considering the need for prudent capital and liquidity management.

Mugamu said the successful implementation of the external debt arrears clearance strategy would unlock the much needed stimulus package.

Zimbabwe hopes to clear its combined $1,8 billion arrears to the International Monetary Fund, World Bank and the African Development Bank by September.

“It is important that the authorities buttress short term and long term policy measures that both build confidence and set the economy towards a sustainable growth path,” Mugamu said.

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