Almot Maqolo, Staff Writer 
CBZ Holdings (CBZ) has posted a 24,7 percent increase in its inflation-adjusted profit to $33,04 billion for the year ended December 31, 2022, compared to $26,49 billion recorded in the comparable period of 2021.
The increase was buoyed by non-interest income, which surged 125,47 percent to $179,02 billion and interest income, which went up by 16,41 percent year-on-year to $87,21 billion compared to $74,91 billion in 2021.
Non-interest income to total income was up 70,4 percent during the year under review compared to 54,3 percent in 2021.
The diversified group recorded a total comprehensive income of $43,04 billion, a year-on-year increase of 32,4 percent compared to $32,51 billion recorded in 2021.
Marc Holtzman, chairman of CBZ Holdings Limited.
Total deposits saw a growth of 50,7 percent in 2022, to reach $680,39 billion, while the bank’s total advances slowed to $176,21 billion in 2022, representing a decline of 8,3 percent over the $192,16 billion reported in 2021.
The chairman of the CBZ group, Marc Holtzman, said CBZ continued to play a significant role in supporting the economy, providing different solutions through its banking, microfinance, insurance, wealth management, risk advisory and properties subsidiaries.
“CBZ Bank leveraged on its huge balance sheet to support new and expansion projects in the mining, agriculture and infrastructure development sectors, among others, thereby maintaining its market leadership position throughout the year,” Holtzman said in a statement accompanying financials.
He said under the wealth management banner, Datvest successfully added investment options to the group’s clients through the launch of the Datvest Modified Consumer Staples Exchange Traded Fund.
Holtzman said completion of the Fairview housing project was also another milestone for Datvest and the group, as it continued to play a part in housing.
“On the agriculture space, CBZ Agro-Yield remains a key strategic partner in supporting government’s quest to make the country food self-sufficient,” he said.
Due to inflationary pressures in the market, the group’s operating expenditure surged by 49,46 percent to $87,85 billion from $58,78 billion in 2021.
CBZ’s cost-to-income ratio stood at 34,5 percent, down from 40,2 percent in 2021.
While the operating environment remains challenging due to currency weakness, fuelling inflation, the bank remains optimistic while at the same time introducing services tailor-made for the ever-changing market.
On the capital markets, the CBZ’s share price increased by 79,6 percent from $75,20 at the beginning of 2022 to close at $135,00.
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