CBZ voted best bank in Zimbabwe

 CBZ voted best bank in Zimbabwe
Published: 12 July 2019 (135 Views)
CBZ Bank has been voted the best Zimbabwean banking group by the international financial magazine Euromoney.

CBZ Holdings chief executive Blessing Mudavanhu said the country's largest commercial bank by asset base was on Wednesday honoured for its commitment to excellence and for pursuing sound managerial practices in its operations put in place by new management with international experience.

Euromoney noted that in Zimbabwe, economic growth was boosted by reform in the agricultural, manufacturing and mining sectors.

However, limited access to foreign exchange has restricted development. "Nevertheless, CBZ Bank managed risk through its diversified offering to outperform its competitors," the publication said.

The financial institution reported 159,7 percent growth in profit after tax in 2018 at $72,17 million up from $27,84 million in 2017.

In addition to that, the bank's total deposits grew from $1,85 billion to $2,08 billion, 12,2 percent growth since 2017, and total assets grew 11,7 percent from $2,19 billion to $2,45 billion in 2018.

The bank's equity was equally impressive, rising from nine percent in 2017 to 23,1 percent last year. CBZ Bank takes its corporate responsibilities seriously, especially when it comes to investing in the country's youth and education.

In 2018, CBZ partnered with the National Association of Primary Heads and the Institute of African Knowledge to create the CBZ Schools Debate Championships, with the aim to empower schools and communities and nurture talent.

Through the CBZ Youth and Entrepreneurship programme, the bank trained 845 young entrepreneurs across the country.  Twenty (20) of the entreprenuers were later funded by the bank to help build their own businesses.

The prestigious Euromoney's annual Awards for Excellence, which recognises best banks in the world, are held annually.

- dailynews

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