The country’s largest commercial bank, CBZ remains the top performing financial institution following an 18,2 percent growth in income from the period 30 June 2014 to 30 June 2015.
According to the bank’s half year results issued Thursday, CBZ posted a US$13,7 million profit after tax in the first half of the year ending 30 June 2015, cementing its place as the best performing bank in the country in the last five years.
Presenting the company’s financials, the management highlighted the positive developments in the sector during the first half as the resumption of the interbank market, demonitisation of the Zimbabwean dollar and continuation of the IMF Staff Monitored Programme.
The bank has achieved 70 percent growth since 2011 and has forecast a further 18 percent leap in growth for this year.
Despite the growth of the bank, economic activity remains subdued with the country’s annual inflation rate continuing on a declining trajectory from -0.8 percent as at December 2014 to -2.8 at 30 June 2015.
CBZ was established in 1980 as the Bank of Credit and Commerce Zimbabwe (BCCZ) Ltd, a joint venture between the government of Zimbabwe and the BCCZ International Holdings.
In 1991, the government of Zimbabwe saved the BCCZ from collapse by acquiring total shareholding in the bank.
BCCZ acquired a new identity as the Commercial Bank of Zimbabwe (CBZ).