Audrey Galawu
Assistant Editor
CBZ Holdings saw a significant boost in its market capitalisation on the Zimbabwe Stock Exchange, rising from ZWG$28.5 billion to ZWG$38.7 billion in the first half of 2024, driven by strong performances from blue chip counters.
This growth positioned CBZ as the third-largest counter on the ZSE by market value. The All Share Index also grew by 28.6%, while the company's share price surged by 85%, closing at ZWG$794.
Group Chairman, Luxon Zembe emphasised the company's commitment to innovation and customer satisfaction to maintain its market leadership.
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“Reflecting favourable market perception, the CBZ Holdings’ share price rose by 85.0% to close at ZWG$794, from the April 2024 rebased share price.
“The group delivered a strong set of financial results for the half year ended 30 June 2024, demonstrating the strength of our robust strategy. Having delivered the financial services needs of over 1 million customers, our profit after tax for the period under review stood at ZWG$656.3 million.
“This performance was buttressed by our customer-centric approach to nurturing relationships with our customers, accessible and reliable digital platforms, enhanced disbursements, and a diverse product offering to address the financial needs of our valued customers.
“Our investment and insurance products have seen a significant increase in demand, while our transactional, loan, and deposit activity has grown substantially,” reads the update.
For the half-year ending June 30, 2024, CBZ reported a profit after tax of ZWG$656.3 million, supported by a strategy focused on customer-centric services, robust digital platforms, and a diverse financial product portfolio. The company also maintained a strong financial position, with customer deposits totaling ZWG$11.50 billion and loans amounting to ZWG$4.76 billion.
The company achieved key milestones, including launching the US$150 million Datvest Northgate Property Investment Project, providing 8,000 residential stands and supporting smart infrastructure.
Additionally, CBZ raised US$115 million in credit lines from key financial partners to address increasing funding demands.
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