CBZ grow loans and advances by 145 percent …as insurance business woes persist

20

FINANCIAL services group CBZ Holdings says its loans and advances clocked $2,07 trillion in the year ended December 31, 2023, registering a 145 percent growth year on year.
As per the group’s internal business classification, the majority of the advances were concentrated in commercial loans, which rose 155 percent to $1,64 trillion in 2023 from $643,46 million in 2022.
However, the weak agricultural season characterised by the El Nino-induced drought presented a real threat for the group, given the significant contribution of the Agro Yield unit to the group’s income.