CBZ Holdings’ total income jumped 43 percent to $83,4 million during the four months to April 2019, from $58,1 million in the year to December 2018.
Group chief executive Blessing Mudavanhu told shareholders at CBZ’s annual general meeting this week that growth was supported by strong income generation, diversification and investment in new products and technology driven channels.
Resultantly, the group registered a 14 percent improvement in the cost to income ratio to close the period under review at 45,5 percent from 59 percent in December 2018.
Mr Mudavanhu said the period was characterized by volatility as the Reserve Bank of Zimbabwe announced the interbank market for foreign currency as well as the introduction of RTGS dollar as functional currency.
Total deposits improved by 1,7 percent to $2,11 billion, accounting for 16,6 percent of the total sector deposits.
Total assets went up to $2,81 billion from $2,45 billion as at December 2018 driven by growth in total deposits and profitability.
Expenditure increased by 38,4 percent to $45,9 million compared to $33 million recorded as at December 2018. The group managed to contain expenditure to below prevailing inflation levels now at 75 percent.
At 76 percent, the group’s liquidity ratio was above the regulatory ratio of 30 percent while capital adequacy levels for all subsidiaries remained above regulated levels.
The non-performing loans ratio came in at 15,3 percent, an improvement from 16,4 percent in December 2018 and the group is targeting to achieve a single digit NPL ratio.
The group will continue on cost management, increase technology driven solutions as well as portfolio and earnings diversification as its focus areas to year 2025.