Conrad Mwanawashe Business Reporter
CBZ Holdings’ balance sheet remains “solid” despite the movement of the Exchequer Account to the Reserve Bank of Zimbabwe, an official has said. In written responses to The Herald Business, CBZ group executive-marketing, corporate affairs and training Mrs Gwatiringa said that the process of handover has been completed.
“The movement of the Exchequer Accounts did not have a negative effect on our balance sheet because we had planned this over a long time.
“The process of handover has been completed and now like any other Bank we pay over any Government revenue to the Exchequer on a periodic basis,” said Mrs Gwatiringa.
The CBZ has been managing the exchequer account following the weakening of the Reserve Bank of Zimbabwe. The Government has restored the RBZ functions and is in the process of recapitalising the central bank.
“The impact of the movement of the account will be minimal as we had ample time to plan for the movement. We would like to take this opportunity to thank the Government for entrusting CBZ to manage their Accounts,” said Mrs Gwatiringa.
CBZ is on the forefront of encouraging the savings culture in Zimbabwe and was the first institution to come up with free banking CashPlussavings products namely: CashPlus General, Housing, Business, Teen and Junior.
“And in response to client convenience with regards to the need for pre-paid electricity vouchers, we are using our wide branch network and our ATMs and POS machines to sell ZETDC vouchers.
“We also launched Smart Money, our mobile banking solution,” said Mrs Gwatiringa.
The group has started the first phase of the 1 095 stands in Gweru Nehosho high-density suburbs. The phase is expected to cost $8 million and should be completed in eight months.
The second phase, which involves construction of co-houses, will begin soon after.
CBZ chief executive Mr Never Nyemudzo told the annual general meeting in May that the bank is above the regulatory requirements with the total at $211 million and core capital at $171,8 million at the end of the quarter.
CBZ Bank’s core capital was at $161,8 million against the Reserve Bank of Zimbabwe’s minimum requirement of $25 million.
CBZ Holdings’ bottom line in the first quarter fell 43,7 percent to $5,8 million but the group is confident it will meet the full year forecast growth of 5 percent.