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Zimbabwe : CBZ after tax profits decrease 43.7%

May 2, 2014

Zimbabwe's biggest financial group CBZ Holdings, announced on 30 April 2014 reported a 43.7% decrease in after-tax profit for the first quarter ending 31 March 2014, compared to the same period in 2013, dragged by a drop in income and accelerating impairments.

Never Nyemudzo, Incoming group chief executive told stockholders on 30 April 2014 during the company s yearly general meeting that the slowdown in economic growth had affected operations. Nyemudzo replaces John Mangudya who was appointed Reserve Bank governor with effect from 1 May 2014.

Net income dropped to $34,4 million in the during the period under review to $37.2 million recorded during the same period in 2013. Underwriting income was flat at $1.7 million.

Nyemudzo said, The first quarter under review has been largely characterised by liquidity challenges. This has somehow increased the cost of doing business primarily coming out of increased cost funds for the bank. As a result we are seeing pressure on our customers meet their obligations on time.

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Source: TendersInfo (India)

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