CBZ Holdings Ltd said it remains on course to meet its full-year revenue and profitability targets after posting strong first-quarter earnings driven by growth in lending, digital banking activity, and stable deposit inflows, despite rising costs and global economic uncertainty.
For the quarter ended March 31, 2026, the financial services group reported profit after tax of ZiG361,34 million, down from ZiG537,53 million in the prior-year period, while total income eased to ZiG1,33 billion from ZiG1,41 billion.
Funded income rose to ZiG658,48 million from ZiG627,63 million, supported by growth in loans and advances. However, non-funded income fell to ZiG878,09 million from ZiG938,03 million, largely due to the absence of one-off treasury bill gains recorded last year.
CBZ said commission and fee income increased 4,9% to ZiG524,17 million, driven by stronger digital transactions and a stable deposit base.
The group said its balance sheet remained solid, with total assets of ZiG40,81 billion, slightly below ZiG41,15 billion recorded in the previous year. Customer deposits rose marginally to ZiG27,83 billion from ZiG27,76 billion.
“The operating environment is expected to remain dynamic, with global geopolitical developments and commodity price volatility continuing to pose downside risks to growth and cost stability,” CBZ said in its trading update for the first quarter ended March 31, 2026.
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It said elevated energy prices and regulatory changes, including downward pressure on bank charges aimed at improving financial inclusion, could weigh on non-interest income.
CBZ said it remains supported by domestic macroeconomic stability, agricultural output, exchange rate stability, and policy measures aimed at boosting financial sector activity.
“The group is well-positioned to sustain performance and drive growth, underpinned by its strong capitalisation, diversified business portfolio, and disciplined risk management framework,” it said.
CBZ said it is targeting at least US$100 million in new credit lines this year, with US$80 million already secured to capitalise subsidiaries and support regional expansion.
The group said it expects to maintain liquidity, optimise its balance sheet, and expand digital and customer-focused banking services.