Operating income for the period ending June was US$54,8 million compared to US$34,5 million.
The board declared an interim dividend of 0,12c per share. Group managing director John Mangudya said CBZ would maintain the Libya Foreign Bank shareholding in the group. Speaking during an analyst briefing, group chief finance officer Never Nyemudzo said CBZ was targeting a growth in income to US$134 million and total deposits of about US$900 million by year end.
Libya Foreign Bank controls 14,1% of CBZ with the Government owning 16,1% and Africa Investments Sub 2 with 13,5%.
"If they decide to sell, there are takers, but right now we will keep the investment," said Mangudya after the briefing.
Total deposits for the six months stood at US$814 million up from US$578 million in June last year. The services and private sector were the biggest contributors to deposits, constituting 25 percent and 16 percent of total deposits.
CBZ has maintained its market share of 26 percent and they also lead the market in terms of deposits taking up more than 16 percent of the total. As of June the group was sitting on US$130 million long-term lines of credit – a facility that is expected to fund different sectors of the economy, and two additional facilities are expected soon.
Nyemudzo said a total of US$40 million came from the PTA Bank with Afreximbank weighing in with US$35 million. The biggest chunk of the money came from the Zimbabwe Economic Recovery Bond with US$50 million. Other financiers poured in US$5 million.
Post published in: Business