By Staff Writer
LISTED financial services group, CBZ Holdings has committed US$1 million towards the establishment of a foundation which is set to assist the needy in society and alleviate poverty.
Already being one of the few reckoned employers of choice by operating without notable skirmishes with its workforce, the CBZ group chief executive officer, Blessing Mudavanhu told the media that health and education will be at the core of the foundation’s focus areas.
“The key focus areas are things like education, health and vulnerable societies, which is kind of a broad area, but the motivation really is to try and structure our giving so that we can even attract other companies to leverage on the CBZ Foundation,” he said.
He said the institution will commit about 1% of the total profit with around US$1 million having been set aside to kick start the project.
“The philanthropic unit will support communities through initiatives that align with the group’s vision and the country’s development and strategic goals,” he said.
Last year the Zimbabwe Banks and Allied Workers Union (ZIBAWU) commended CBZ Holdings Limited for employing sound labour relations hinting that there were no outstanding and contentious labour concerns from the entity’s workers.
The well performing financial services group posted a ZWL$17,5 billion inflation adjusted net profit after tax for the 6 month period ended 30 June 2022 signifying a 147% rise from the 2021 comparative period figure of ZWL$7 billion.
Net operating income climbed by 286% to ZWL$68.3 billion, and headline earnings per share (HEPS) stood at ZWLc24,297.
The performance was supported by a 244% rise in net interest income to ZWL$20.5 billion, while non-interest income rose by 179% to ZWL$73.1 billion. Growth in the insurance business was more subdued with net-underwriting income flat at ZWL$612 million.
