CBZ profit down by 32%

CBZ Holdings Limited, saw its profit after tax for the year-ended December 31, 2016 decline 32 percent to $23,8 million from $35,2 million achieved in the prior year. Group revenue for the period amounted to $158,98 million representing a 12,7 percent decline from prior year’s $182,25 million.

In his presentation, group chief executive Mr Never Nyemudzo indicated the bank was being affected by cash and foreign currency shortages, constrained credit expansion, balance sheet recession, formalisation of the economy and reduction in interest rates. However, the group initiated cost containment measures that resulted in total expenditure falling 6 percent.

CBZ Life contributed $2,6 million to after tax profit and $6,2 million to revenue. CBZ Asset Management’s profit halved to $0,1 million while its total income was unchanged at $2,1 million. CBZ insurance profit declined 18 percent to $0,9 million with its revenue flat at $3,4 million.