ZB Financial Holdings profit after tax up 2 179 percent

Melisa Chatikobo

Zimbabwe Stock Exchange-listed ZB Financial Holdings recorded profit after tax of ZW$ 678.4 billion for its half year ended June 2023.

This indicates a 2 179 percent improvement from the same period last year.

In its half year update, the group reports a 796 percent rise in total income from ZW$102.4 billion for the comparable period in 2022 to ZW$917.2 billion.

The income performance was mainly on the back of a 3 022 percent rise in fair value adjustments from ZW$14.7 billion at half year 2022 to ZW$461.2 billion at half year 2023.

Another factor was a 522 percent improvement in other operating income from ZW$54.6 billion in 2022 to ZW$340.2 billion.

The group says it will continue to develop strategic business partnerships with real sectors of the economy to enhance sustainable revenue streams and hedge its capital position against possible loss of worth from currency depreciation.

One-stop-shop service centres will also be consolidated.

“In the short term, prudent investment and cost containment measures will continue to be a priority in order to boost profitability.

“In the medium to long term, the group continues with its digitalisation journey with more focus on implementing robust and state-of-the-art core banking and Life Assurance systems in order to enhance efficient product offerings that provide value and convenience to our customers.”