Audrey Galawu
Assistant Editor
ZB Financial Holdings faced a significant financial downturn in the first half of 2024, recording a 41% decline in total income, dropping from ZWG$2.176 billion in 2023 to ZWG$1.276 billion.
The decline was primarily due to a sharp 95% drop in fair value adjustments, from ZWG$1.855 billion to ZWG$95.6 million. Additionally, other income saw a 31% decrease, mainly driven by a 26% fall in foreign currency dealings revenue.
However, commissions and fees improved by 28%, driven by the group's digital transformation strategy. Net interest income also grew by 20%, and credit losses decreased by 75%, indicating some positive aspects within the broader challenges.
The insurance service deficit improved slightly but was still impacted by higher claim provisions.
Operating costs increased by 16%, reflecting inflationary pressures, while profit after tax dropped sharply by 60%, from ZWG$2.725 billion in 2023 to ZWG$1.060 million in 2024.
On a positive note, the group’s total assets grew by 4% to ZWG$9.144 billion as of June 30, 2024. ZB Financial Holdings faced a significant financial downturn in the first half of 2024, recording a 41% decline in total income, dropping from ZWG$2.176 billion in 2023 to ZWG$1.276 billion.
The decline was primarily due to a sharp 95% drop in fair value adjustments, from ZWG$1.855 billion to ZWG$95.6 million. Additionally, other income saw a 31% decrease, mainly driven by a 26% fall in foreign currency dealings revenue.
However, commissions and fees improved by 28%, driven by the group's digital transformation strategy. Net interest income also grew by 20%, and credit losses decreased by 75%, indicating some positive aspects within the broader challenges. The insurance service deficit improved slightly but was still impacted by higher claim provisions.
Operating costs increased by 16%, reflecting inflationary pressures, while profit after tax dropped sharply by 60%, from ZWG$2.725 billion in 2023 to ZWG$1.060 million in 2024. On a positive note, the group’s total assets grew by 4% to ZWG$9.144 billion as of June 30, 2024.
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