Emmerson Njanjamangezi, Group Features Editor 
ZB FINANCIAL Holdings (ZB) says it recorded a 29 percent increase in foreign currency earnings during the quarter ended March 31, 2023, up from a 15 percent increase in the corresponding period last year.
In a statement this week, the group said it also saw growth in local currency earnings across the business.
ZB provides financial solutions to the commercial and merchant banking sector in Zimbabwe, as well as retail banking services, insurance operations, the property sector and strategic investments.
“During the quarter under review, the business witnessed growth in both local and foreign currency transactions driven by enhanced digital channels, physical service centres and the International Virtual Service Centre.
Shepherd Tapiwanashe Fungura
“… the group has put in place strategies to continue growing the foreign currency revenue,” read part of the statement.
For the period under review, total assets increased in historical terms by 20 percent to $381,54 billion from a total of $317,27 billion in the prior period.
“Income earnings assets constituted 64 percent of total assets as of March 31, 2023, against 60 percent as of December 31, 2022. The group maintained an aggregate liquidity ratio above 60 percent which was adequate to accommodate short-term fluctuations in customers’ demands,” further read the statement.
ZB said asset quality remained strong with the non-performing loans ratio having been contained within the target five percent throughout the period under review.
“Deposits and other accounts increased from ZW$109 210 billion on December 31, 2022 to close at $153,70 billion as of March 31, 2023. The group’s total equity increased by 10 percent during the quarter, closing at $160,75 billion as of March 31, 2023,
For the period under review, all group entities were compliant with regulated capital levels except for ZB Building Society, which is expected to be fully compliant by the end of the year.
During the period under review, the group launched nine additional service centres consistent with the group’s strategy to convert all branches to service centres. This is part of the an ongoing transformation programme.
On the outlook, ZB said it anticipates tough economic conditions to persist due to high-interest rates, rising exchange rates and distortions in price dynamics.
“To protect its capital position from adverse economic projections, the group will continue to pursue strategic business partnerships, improve its sustainable revenues, implement foreign currency revenue generation strategies and continue exploiting investment opportunities to increase its sustainable revenue,” further added the statement.
