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Sunday, June 26, 2022
HomeBusinessCBZ Posts Strong Q1 Earnings

CBZ Posts Strong Q1 Earnings

Listed financial services provider, CBZ Holdings posted a profit after tax (PAT) of $ 4.7 billion in historical terms, taking an 88 percent jump from comparable period prior year of $ $2.5 billion on increase in transactional volumes attributed to the improvement in business activity following the relaxation of COVID-19 restrictions.

In its Q1 trading update, group revenue was 172 percent ahead of prior year levels at $ 14.323 billion from $ 5.273 billion.

“The resumption of economic and business activity on a large scale enabled the Group to increase its transactional volumes and strengthen its balance sheet,” the group said.

However, margins were adversely affected by high inflation on the domestic front and a surge in global inflationary pressures, which somewhat constrained demand and consumption, as central banks tightened monetary policies while economic agents reprioritized expenditures and shifted investment behaviors.

Nevertheless, total deposits almost doubled at $ 150.9 billion from 77.1 billion previous comparable period as total advances grew to $ 75.6 billion from $ 40.4 billion.

Growth in deposits year to date stood at 14.9 percent which was however 3.4 percentage points below prior year levels of 18.3 percent.

Total assets reached $ 224.9 billion from $ 108 billion a year earlier.

The Group is adequately capitalized, and all its regulated subsidiaries are in full compliance with the gazetted minimum capital requirements.

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