Third Quarter Ended 30 September 2024
ZB Financial Holdings Limited released its Trading Update for the third quarter ended 30 September 2024, outlining the operating environment, performance outturn, capital position, and outlook.
At a glance
Operating environment: The exchange rate against the USD depreciated by 45% from USD1:13.7026 (1 July 2024) to USD1:24.8831 (30 September 2024), alongside tightening money supply and El Niño-related pressures.
Profitability: Profit after tax for the first nine months of 2024 was ZWG1.224bn, driven by cost discipline and a resilient balance sheet structure.
Income: Total income year-to-date was ZWG1.873bn, supported by net interest income, commission & fees, insurance premium, property income, and other income lines.
Efficiency: Operating costs were ZWG1.059bn, with a cost-to-income ratio of 57%.
Balance sheet growth: Deposits closed at ZWG5.073bn (up 73% from Dec 2023), total assets rose 44% to ZWG12.638bn, and total equity was ZWG2.266bn.
Dividend: No dividend was declared for Q3 2024.
Outlook: Zimbabwe’s economy was projected to grow 2% in 2024, with a tight operating environment expected to persist.
Trading Update
For the official Trading Update (Q3 2024), download the PDF below.
