By Our Staff
CBZ Holdings Limited recorded a 33,6% increase in profit after tax in the first half of the year from US$13,7 million during the same period last year.
This was spurred by an improvement in business volumes by the group’s insurance portfolio, higher interest income and a strong capital base.
The group was capitalised to the tune of US$136,4 million as of June 30 this year, well above the central bank’s new capital requirements under which banks should have minimum capital of US$100 million by June 2014.
“Capitalisation is not an issue so we will continue to grow organically, increase from profitability and sweat the assets. By so doing we will also be increasing our tier 1 capital,” said Group Chief Executive Officer, John Mangudya.
CBZ, the country’s largest banking group, has commercial banking, asset management, mortgage lending and insurance units under its structure.
Mangudya said the group would implement a raft of strategies to increase income for the rest of the year.
Despite the liquidity crunch and sluggish economic growth besetting the country, the banking group’s basic earnings per share stood at 2,92 cents in the half-year, compared to 2,18 cents last year.