The CBZ held its 2018 Annual General Meeting with focus on the operating environment, banks 2018 milestones, corporate social responsibility programmes among other topical issues in Harare this week.
The AGM noted the success of CBZ during the reviewed period as driven by diversification and new product offerings that are underpinned by expenditure increases.
“There was strong income generation and diversification supported by investment in new products and technologically driven channels. Increase in expenditure was contained to below prevailing inflation levels,” CBZ Bank said in a statement.
The CBZ Insurance business was noted as having, “Increased market presence in the insurance sector has resulted in an increase in underwriting income.”
CBZ realised continued positive performance trends that included improved income ratio, positive capitalisation levels across all subsidiaries and liquidity efficiency.
“Cost-to-Income ratio improved owing to 43.6% revenue growth. The liquidity position of the Group remained sound with a ratio above the regulatory ratio of 30%. Capital adequacy levels for the entire Group’s subsidiaries are above the regulated levels. NPL continue to be the focal point for the Group. The ultimate objective is to achieve single digit NPL figures.” The AGM statement read.
Furthermore; “Total asset growth driven by growth in total deposits and profitability. A well-diversified “FUM” portfolio yielded positive returns despite subdued performance on the stock market during the quarter. Insurance assets increased due to growth in underwritten business, as a result of continuous product review and expansion of distribution channels,” the press statement read.
CBZ ploughed back into the community through philanthropy, arts contributions and donations to various communities.
Philanthropic involvement by CBZ involved facilitation of the SMEs Indaba, donation of water tanks to Budiriro and Mufakose and the Insiza Bridge project.
“CBZ facilitated Business to Business (B2B) meetings to all the SMEs that attended the Indaba linking them with local and International delegates. The CBZ SMEs Indaba managed to empower the delegates that attended by reducing the knowledge gap through learning and interacting.”
Furthermore, to help curb the cholera outbreak” 10 x 5,000ltrs tanks were installed for use at the most Cholera affected areas in Glenview, Budiriro and Mufakose areas in Harare,” the AGM statement read.
CBZ also presented the CBZ Holdings Strategic choices- 2019-2025 that are; “Global reach, Strategic alliances, partnerships and integration, technology driven solutions, Innovation, Portfolio and earnings diversification, liquidity management and cost management” The AGM presentation read.