The country’s biggest financial services group, CBZ Holdings Limited, on Wednesday scooped Zimbabwean best bank award at the Euromoney awards held in the United Kingdom.
This award recognises the bank’s exceptional performance in previous year where it reported 159,7 percent growth in profit after tax to $72,17 million up from $27,84 million 2017.
Total deposits grew to $2,08 billion from $1,85 billion, 12,2 percent in the positive since 2017 and total assets leaped 11,7 percent to $2,45 billion in 2018 from $2,19 billion the prior year.
Return on equity was equally impressive, rising from 9 percent in 2017 to 23,1 percent last year.
Notable attributes that warranted the award include solid corporate social responsibility initiatives particularly investment in the country’s youth and education.
Last year the bank through the CBZ youth entrepreneurship programme, trained 845 young entrepreneurs across the country (3 000 since inception).
Twenty of the promising entrepreneurs were later funded by the bank to help build their own businesses. The programme has particular focus on essentials of business development, self-reliance and sustainability.
In 2018, CBZ partnered with National Association of Primary Heads and the Institute of African Knowledge to create the CBZ schools Debate championships with the aim to empower schools and communities, nurturing youth talent in the process.
Led by Blessing Mudavanhu, who became chief executive in June 2018, the bank has managed risk through its diversified offering to outperform its competitors.
In an interview after the receipt of the award Mudavanhu said it was heart-warming for his bank to receive an award for operations being coordinated in turbulent economic times prevailing in the country.
He said, “This award is very special for the CBZ family as it consolidates our brand in the local and global markets as leading financial services firm in Zimbabwe.
“To be recognised by Euromoney on their 50th anniversary is special for CBZ and banks in Zimbabwe. It’s a special vote of confidence that despite the economic challenges facing the country we continue to deliver the much needed financial intermediation that meet global standards.
“London being one of the top centres of financial markets in the world, an award to a local home grown brand not only confirms that as a country we are indeed open for business but very much integrated and appreciated by global capital markets as key role players in economic growth.”
Euromoney magazine was created in 1969 to cover the re-emergence of the international cross-border capital markets and is a world renowned organisation that has been giving awards of excellence to financial markets for the last 50 years.
It provides authoritative round up of banking, capital markets, investment, treasury, regional markets including Asia, Latin America, and EMEA.