Zimbabwe: CBZ Hails Zim's Less Volatile Economy - Profits Hit ZWG537,5 Million

30 April 2025
New Zimbabwe (London)
By Alois Vinga

CBZ Holdings Limited has hailed the country's easing inflationary pressures, which have partly contributed towards the group's attainment of ZWG537,5 million profits during the first quarter of the year.

The remarks come at a time when the local ZWG currency has maintained stability for over six months, though on the back of a tight policy stance, which has triggered concerns from some economic players.

Just recently, the central bank took a very bold decision which saw the liberalisation of the exchange rates for traders in yet another move believed to wield stability potential.

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Presenting a trading update for the first quarter period ended March 31 2025, CBZ's Group Chief Governance Officer, Rumbidzayi Jakanani, described the period's environment as stable.

"Despite the negative global economic sentiments, Zimbabwe's operating environment was less volatile, with relative stability in the goods and foreign exchange markets, supported by a disciplined monetary policy environment. In the foreign exchange markets, the local currency marginally lost 3.75% year-to-date against the US dollar to close March 2025 at a rate of ZWG26.77 to the Dollar," she said.

During the period under review, the Group delivered strong financial results, reflected in a profit after tax of ZWG537.53 million, from a total income of ZWG1.41 billion, a testament to its financial position strength and capitalisation, reinforced by a substantial market presence in deposit mobilisation and transactional volumes.

The group's top-line performance was underpinned by a solid contribution from funded income at ZWG486.24 million, while non-funded income at ZWG938.03 million delivered particularly strong results for the quarter.

CBZ's asset base closed the quarter at ZWG 38.75 billion, supported by a deposit base of ZWG26.79 billion, with a performance which provides a foundation and sets the tone for the remainder of the financial year, highlighting our commitment to delivering sustainable value to all stakeholders.

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