Financiers avail US$115m to CBZ in H1

CLOUDINE MATOLA

CBZ Holdings Limited (CBZHL), a publicly traded financial services group, has raised US$115m from three major financiers – Africa Export-Import Bank, Shelter Afrique and TDB Bank- in the first half of this year as part of efforts to fulfil the expanding funding demands, Business Times can report.

This was confirmed by CBZ Holdings board chairman, Luxon Zembe.

 “The group raised an additional US$115m in lines of credit from strategic partners including the Africa Export-Import Bank (Afrexim-bank), Shelter Afrique and TDB Bank, to meet the economy’s growing funding demands,” Zembe said.

In its financial results for the six months to June 30, 2024, total income for CBZ stood at ZWG1.75bn, down from ZWG2.92bn reported in the prior comparative period.

Profit for the group dipped to ZWG656m in the period under review from ZWG1.24bn reported in the same period last year.

“The Group delivered a strong set of financial results for the half year ended June 30, 2024, demonstrating the strength of our robust strategy. Having consistently delivered the financial services needs of over 1 million customers, our profit after tax for the period under review stood at ZWG 656.3m.

“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,” Zembe said.

Total assets for CBZ Holdings decreased to ZWG17.5bn in the period under review from ZWG18,3bn reported in the prior comparative period.

“The group closed the period with

 a robust capital base and all subsidiaries were adequately capitalised. We are determined to continue our focus on innovation, our strong dedication to ensuring customer satisfaction, and our solid market position to maintain our competitive edge in the industry,” Zembe said.

Also, total advances for the period under review grew to ZWG4,8bn and total deposits were ZWG11,4bn for the period under review.

Zembe said CBZ will continue to embed material Environmental, Social and Governance (ESG) factors into its strategic, lending, investment, and operational processes, both as a strategic differentiator and as a way of complying with regulatory requirements.

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