Second Quarter 2019
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14% 45Pps 104% 8Pps 467% 46Pps
Performance Outturn: Inflation adjusted financial highlights My commentary is based on inflation adjusted financial statements. The Group’s total income increased by 55% from ZW$524.7m in 2018 to ZW$814.9m in 2019. This was on the back of a significant rise in unrealized credits posted in the income statement. Fair value adjustments moved from a negative of ZW$89.8m in 2018 to a positive of ZW$230.2m in 2019 whilst other income, 14% 104% 467% largely constituted by the revaluation of the Group’s foreign denominated balances, increased by 314% from ZW$35.7m in 2018 to ZW$147.8m in 2019. Total assets Total capital and reserves Net profit/(loss) after taxation Net interest and related income reduced from ZW$199.1m in 2018 to close at ZW$146.6m in 2019, reflecting 2019 - ZW$3 532.5m 2019 - ZW$1 506.3m 2019 - ZW$433.6m the impact of a constrained growth in the underlying business and the application of sub-inflation earning 2018 - ZW$4 105.7m 2018 - ZW$739.1m 2018 - (ZW$118.2m) rates. Loan impairment charges to the income statement increased from ZW$34.6m in 2018 to ZW$75.6m in 2019 in line with the growth in assets exposed to credit risk. Overall credit quality however improved, with non- 45pps 8pps 46pps performing loans as a percentage of total loans reducing from 4.6% in 2018 to 2.2% in 2019. Liquidity ratio (Group) Cost to income ratio Net insurance related earnings increased by 7% from ZW$83.1m to ZW$89.2m. -
Annual Report 2017 Contents
Since 1951 ANNUAL REPORT 2017 CONTENTS 2 Corporate Information Financial Statements 2 Vision, Mission and Values 41 Six Year Financial Review 42 Financial Highlights To Shareholders 43 Report of the Directors 3 Notice to shareholders 46 Directors’ Statement of Responsibility 4 Shareholder Information 47 Extracts from the Report of the Independent Actuary Corporate Governance 49 Independent Auditor’s Report 6 Group Corporate Structure 57 Consolidated Statement of Financial Position 7 Company and Product Profile 58 Company Statement of Financial Position 11 Corporate Revolution Ladder 59 Statements of Profit or Loss and Other Comprehensive 13 Corporate Governance Report Income 19 Directorate 61 Consolidated Statement of Changes in Equity 21 Corporate Social Investment 2017 62 Company Statement of Changes in Equity 25 Acting Chairman’s Statement 63 Statements of Cash Flows 27 Group Chief Executive’s Report 64 Notes to Consolidated and Separate Financial 30 Economic Overview Statements Additional Information 162 Group Footprint 171 Detachable - Form of Proxy 1 Corporate Information ZB FINANCIAL HOLDINGS LIMITED Auditors Registered Office Deloitte & Touche Zimbabwe 21 Natal Road West Block Avondale Borrowdale Office Park Harare Borrowdale Road Telephone: +263 (0) 867 700 2001 Borrowdale E-mail: [email protected] P O Box 267 Facsimile: +263 - 4 - 251029 Harare Web address: www.zb.co.zw Zimbabwe Tel: +263 (0) 867 700 0261 Company Registration Number Fax: +263 - 4 - 852130 1278/89 Web address: www.deloitte.com Date of Incorporation Board of Directors 29 May 1989 Prof C Manyeruke (Chairman) R Mutandagayi (Group Chief Executive) Group Company Secretary F Kapanje (Group Finance Director) H R Nharingo O Akerele T S Bvurere P Chiromo A Z Mangwiro J Mutevedzi P B Nyoni Vision, Mission and Values Our Vision To be a leading global financial services Group. -
Table of Contents
TABLE OF CONTENTS GROUP OVERVIEW Group Salient features 2 How we create value 3 GROUP COMMUNICATION Statements Group Chairman’s Statement 12 Group Chief Executive Officer’s Report 16 CORPORATE PROFILE Business Overview 22 Group Structure 23 Our Success 24 Stakeholder Overview 26 SHAREHOLDER INFORMATION Analysis of Shareholders 30 Share Option Scheme 31 Shareholders’ calendar 32 SUBSIDIARIES COMMUNICATION STATEMENTS Managing Director’s Report - CBZ Bank Limited 34 Managing Director’s Report - CBZ Asset Management (Private) Limited (t/a Datvest) 37 Managing Director’s Report - CBZ Insurance Operations 40 CBZ Insurance (Private) Limited Actuary’s Report 44 CBZ Life (Private) Limited Actuary’s Report 45 CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility Report 48 Group Human Resources 55 Consumer Issues and Fair Operating Practices 56 CORPORATE GOVERNANCE Corporate Governance Framework 60 Report of the Directors 71 Our Directorate 74 FINANCIAL STATEMENTS Statement of Directors’ Responsibility 82 Independent Auditors Report 83 Consolidated Statement of Profit or Loss and Other Comprehensive Income 88 Consolidated Statement of Financial Position 89 Consolidated Statement of Changes In Equity 90 Consolidated Statement of Cash Flows 91 Group Accounting Policies 92 Notes to the Consolidated Financial Statements 110 Company Financial Statements 159 OTHER Notice of Annual General Meeting 172 Group Details 173 Form of Proxy 174 1 CBZ HOLDINGS LIMITED / INTEGRATED ANNUAL REPORT 2017 GROUP SALIENT FEATURES Financial Highlights Total Assets -
ZBFH 2017 Annual Report Final
Since 1951 ANNUAL REPORT 2017 CONTENTS 2 Corporate Information Financial Statements 2 Vision, Mission and Values 41 Six Year Financial Review 42 Financial Highlights To Shareholders 43 Report of the Directors 3 Notice to shareholders 46 Directors’ Statement of Responsibility 4 Shareholder Information 47 Extracts from the Report of the Independent Actuary Corporate Governance 49 Independent Auditor’s Report 6 Group Corporate Structure 57 Consolidated Statement of Financial Position 7 Company and Product Profile 58 Company Statement of Financial Position 11 Corporate Revolution Ladder 59 Statements of Profit or Loss and Other Comprehensive 13 Corporate Governance Report Income 19 Directorate 61 Consolidated Statement of Changes in Equity 21 Corporate Social Investment 2017 62 Company Statement of Changes in Equity 25 Acting Chairman’s Statement 63 Statements of Cash Flows 27 Group Chief Executive’s Report 64 Notes to Consolidated and Separate Financial 30 Economic Overview Statements Additional Information 162 Group Footprint 171 Detachable - Form of Proxy 1 Corporate Information ZB FINANCIAL HOLDINGS LIMITED Auditors Registered Office Deloitte & Touche Zimbabwe 21 Natal Road West Block Avondale Borrowdale Office Park Harare Borrowdale Road Telephone: +263 (0) 867 700 2001 Borrowdale E-mail: [email protected] P O Box 267 Facsimile: +263 - 4 - 251029 Harare Web address: www.zb.co.zw Zimbabwe Tel: +263 (0) 867 700 0261 Company Registration Number Fax: +263 - 4 - 852130 1278/89 Web address: www.deloitte.com Date of Incorporation Board of Directors 29 May 1989 Prof C Manyeruke (Chairman) R Mutandagayi (Group Chief Executive) Group Company Secretary F Kapanje (Group Finance Director) H R Nharingo O Akerele T S Bvurere P Chiromo A Z Mangwiro J Mutevedzi P B Nyoni Vision, Mission and Values Our Vision To be a leading global financial services Group. -
Final Annual Report 28
Annual Report TABLE OF CONTENTS 1. GROUP SALIENT FEATURES 2 2. GROUP STRUCTURE 3 3. CHAIRMAN’S STATEMENT 4 4. GROUP CHIEF EXECUTIVE OFFICER’S REPORT 7 5. MANAGING DIRECTOR’S REPORT – CBZ BANK LIMITED 9 6. MANAGING DIRECTOR’S REPORT – CBZ BUILDING SOCIETY 11 7. MANAGING DIRECTOR’S REPORT – CBZ ASSET MANAGEMENT (PVT) LTD 13 8.MANAGING DIRECTOR’S REPORT – OPTIMAL INSURANCE COMPANY (PVT) LTD 15 9. ANALYSIS OF SHAREHOLDERS 17 10. CORPORATE GOVERNANCE STATEMENT 18 11. STATEMENT OF DIRECTORS’ RESPONSIBILITY 21 12. REPORT OF THE DIRECTORS 24 26 13. REPORT OF THE INDEPENDENT AUDITORS 14. FINANCIAL STATEMENTS: CONSOLIDATED INCOME STATEMENT 28 CONSOLIDATED BALANCE SHEET 29 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30 CONSOLIDATED CASH FLOW STATEMENT 31 15. GROUP ACCOUNTING POLICIES 32 16. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 44 17. RISK MANAGEMENT REPORT 61 18. COMPANY BALANCE SHEET 67 19. NOTICE TO MEMBERS 68 20. SHAREHOLDERS’ CALENDAR 69 21. COMPANY DETAILS 70 CBZ Holdings 2008 1 Annual Report GROUP SALIENT FEATURES Historical Cost 2008 2007 2006 $ ‘Quint $ ‘Quint $ ‘Quint Total assets 5 467 558 - - Total net advances 431 124 - - Impairment losses on advances 9 803 - - Gross advances 443 198 - - Total deposits 1 390 280 - - profit after taxation 975 081 - - Capital adequacy (%) – CBZ Bank 22.20 18.60 32.80 Capital adequacy (%) – CBZ Building Society 65.00 51.00 61.00 Headline earnings per share ($’ trillion) 1 426 - - Dividends per share (cents) - - - Dividend cover (times) - - - Return on average assets excluding acceptances (%) 35.67 -
WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page
WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page: 1/119 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT ZIMBABWE Revision This report, prepared for the third Trade Policy Review of Zimbabwe, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Zimbabwe on its trade policies and practices. Any technical questions arising from this report may be addressed to: Mr. Jacques Degbelo (tel.: 022 739 5583), Mr. Thomas Friedheim (tel.: 022 739 5083), and Ms. Catherine Hennis-Pierre (tel.: 022 739 5640). Document WT/TPR/G/398 contains the policy statement submitted by Zimbabwe. Note: This report was drafted in English. WT/TPR/S/398/Rev.1 • Zimbabwe - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 10 1.1 Main Features of the Economy .....................................................................................10 1.2 Recent Economic Developments ...................................................................................10 1.2.1 Monetary and exchange rate policies ..........................................................................14 1.2.2 Fiscal policy ............................................................................................................17 -
ZBFH Half Year Results 2020
The analysis that follows is based on the inflation adjusted financial statements which are the Group’s primary Inflation adjusted financial highlights financial statements prepared in terms of IAS29: Financial Reporting in Hyperinflationary Economies. Historical cost based financial statements are presented for information purposes only. Performance outturn: 7% 34% 375% The Group posted a real total income growth of 138% from ZW$838.2m, for the six months to 30 June 2019, Total assets Total capital and reserves Net profit/(loss) after taxation to ZW$1 998.0m for the six months to 30 June 2020. This was on the back of gratuitous fair value credits and 30 June 2020 - ZW$9 879.8m 30 June 2020 - ZW$5 293.3m 30 June 2020 - ZW$1 130.1m foreign exchange gains which, combined, contributed 79% of the total income, having increased by 574% from 31 December 2019 - ZW$9 254.6m 31 December 2019 - ZW$3 946.4m 30 June 2019 - ZW$237.8m ZW$232.9m for the six months to June 2019 to ZW$1 570.2m for the six months to June 2020. Core business income generally lagged inflation. 26pps 29pps 43pps Gross interest income retreated in real terms by 21% from ZW$255.2m for the half year ended 20 June 2019 to ZWS202.7m for the same period in 2020. This followed a 16% reduction in the real value of interest earning Return to equity Liquidity ratio (Group) Cost to income ratio assets, and only moderate interest rate re-pricing on the portfolio with rates achieved reflecting the combined 30 June 2020 - 49% 30 June 2020 - 100.23% 30 June 2020 - 28% impact of low cost absorption capacity amongst obligors with reduced production and access to markets, and 31 December 2019 - 29% 31 December 2019 - 88% 31 December 2019 - 62% excess liquidity conditions on the market. -
Table of Contents CBZ HOLDINGS LIMITED
CBZ HOLDINGS LIMITED Table of Contents Group Details 2 Group salient features 4 Group Structure 5 Analysis of Shareholders 6 Chairman’s Statement 8 Group Chief Executive Officer’s Report 10 GROUP REVIEW Managing Director’s Report-CBZ Bank Limited 12 Managing Director’s Report-CBZ Asset Management (Private) Limited 14 Managing Director’s Report-CBZ Insurance (Private) Limited and CBZ Life (Private) Limited 16 Report of the Independent Actuary 19 Corporate Social Responsibility Report 20 Corporate Gorvenance Statement 26 Statement of Directors’ Responsibility 31 Report of the Directors 32 CORPORATE CORPORATE GOVERNANCE Board of Directors 33 Report of the Independent Auditor 40 Consolidated Statement of Comprehensive Income 42 Consolidated Statement of Financial Position 43 Consolidated Statement of Changes in Equity 44 Consolidated Statement of Cash Flows 45 Group Accounting Policies 46 Notes to the Consolidated Financial Statements 62 FINANCIAL STATEMENTS FINANCIAL Company Financial Statements 100 Notice to Members 108 Shareholders’ Calendar 109 OTHER 1 CBZ Holdings Limited Annual Report 2012 1 Corporate Information REGISTERED OFFICE 5th Floor, Union House 60 Kwame Nkrumah Avenue Harare, Zimbabwe Telephone: (263-4) 748 050 - 79 Email: [email protected] Website: www.cbz.co.zw TRANSFER SECRETARIES ZB Transfer Secretaries ZB Centre, Ground Floor Cnr First Street/Kwame Nkrumah Avenue P.O Box 2540 Harare, Zimbabwe LEGAL PRACTITIONERS Mawere & Sibanda Legal Practitioners 3rd Floor Chiyedza House 1st Street/ Kwame Nkrumah Avenue P.O Box CY 1376 -
Southern African Development Community Payment System Integration Project
Southern African Development Community Payment System Integration Project SADC Integrated Regional Electronic Settlement System List of Participants as at April 2020 Number of Participants April 2020 Central Banks 7 Commercial 77 Total 84 Participants per country Country Participants Angola 1. Banco Angolano de Investimentos S.A. 2. Credisul-Banco de Credito do Sul S.A. 3. Banco de Negỏcios Internacional S.A. 4. Banco Prestígio SA Botswana 1. First National Bank of Botswana Pty Ltd 2. Stanbic Bank Botswana Limited 1 Country Participants Democratic Republic of Congo 1. Rawbank CD 1. Central Bank of Eswatini Eswatini 2. First National Bank of Eswatini 3. Nedbank Eswatini Limited 4. Standard Bank Eswatini Limited 5. Eswatini Development and Savings Bank Lesotho 1. Central Bank of Lesotho 2. First National Bank of Lesotho Limited 3. Lesotho Post Bank 4. Nedbank Lesotho Limited 5. Standard Lesotho Bank Madagascar No Participants yet 2 Country Participants 1. CDH Investment Bank Limited Malawi 2. Ecobank Malawi Limited 3. FDH Financial Holdings 4. First Merchant Bank Limited 5. National Bank of Malawi 6. NBS Bank Limited 7. New Finance Bank Malawi Limited 8. Reserve Bank of Malawi 9. Standard Bank Limited – Malawi 10. Opportunity Bank of Malawi Mauritius 1. Absa Bank Mauritius Limited 2. The Mauritius Commercial Bank Limited 3. Standard Bank Mauritius Limited 4. Standard Chartered Bank Mauritius Limited Mozambique 1. Barclays Bank Mocambique SA 2. FNB Mocambique SA 3. Banco Mais-Banco Mocambicano de Apoio aos Investimentos SA 4. Mozabanco SA 5. Standard Bank Mozambique SA 6. Banco Unico SA 3 Country Participants Namibia 1. Bank Windhoek Limited 2. -
Zbfh Analyst Briefing
Achievements and Awards… Property development –Commercial projects - 1st runner up - Zimbabwe Project Management 2017 Awards Best bank supporting SME’S development - 1st runner up - ZNCC Awards 2017 Silver medal - Best SMEs Business Advisory Services - SMEs International Expo 2016 Outstanding Financial Institution of the year - 1st runner up - Megafest Business Awards 2016 Most Innovative Agency Banking Service - Agent Banking and Digital Financial Services Conference and Awards 2016 Best Turnaround Strategy in 2015 - Zimbabwe Quoted Companies Survey 2016 Awards FY17 Analysts’ Briefing Outline 1 FY Financial outturn 2 Strategy execution 3 www.zb.co.zw 1 FY Financial outturn 4 www.zb.co.zw Highlights show strong performance and asset growth.... 5 www.zb.co.zw Annual performance exhibits an upward trend over the past 4 years…. • 36% increase in earnings resulted in the EPS increasing by 45% and a 3% increase in ROE. • Competitive returns have also accrued to the life fund. Summarised statement of profit or loss ($m) Profit after tax ($m) FY17 FY16 % Change Total Income 72.69 65.07 12% Total expenses (50.94) (49.46) -3% 15.51 Profit Before Tax 21.75 15.61 39% 11.43 Transfer to Life Fund (3.56) (0.48) -646% 9.36 Share of profit in associate 0.66 (2.30) 129% FY14 FY15 FY16 FY17 Income tax expense (3.34) (1.39) -139% (9.36) Profit for the year 15.51 11.43 36% Earnings per share (EPS) (cents) 9.15 6.32 45% Return on equity (ROE) 16% 13% 3% 6 www.zb.co.zw Interest rates softened as liquidity increased on the market…. -
Download Annual-Report-2012.Pdf
CONTENTS Corporate Information 2 Shareholding Structure 3 Board of Directors 4 Board Committees 5 Executive Management 6 Vision and Mission Statements 7 IDBZ Mandate and Corporate Objectives 8 Chairman's Statement 9 Chief Executive Officer’s Report 14 Corporate Governance Statement 24 Risk Management Report 30 Directors' Report 34 Directors' Responsibility Statement 36 Independent Auditor’s Report 37 Statements of Financial Position 39 Consolidated Statement of Comprehensive Income 40 Consolidated Statement of Changes in Equity 41 Consolidated Statement of Cash Flows 42 Notes to the Consolidated Financial Statements 43 Notice to Shareholders 95 Proxy Form 96 1 CORPORATE INFORMATION HEAD OFFICE AUDITOR PricewaterhouseCoopers, Chartered Accountants (Zimbabwe) IDBZ House Building No. 4.Arundel Office Park, Norfolk Road 99 Rotten Row Mount Pleasant, P. O. Box 453, Harare, Zimbabwe Harare, Zimbabwe Telephone +263 (4) 338362-8 Telephone: 263 4 750171-8 Fascimile +263 (4) 338395 Fax: 263 4 749012 www.pwc.com REGIONAL OFFICES LEGAL ADVISORS Sawyer & Mkushi Gill, Godlonton & Gerrans HARARE Cheda & Partners - Bulawayo Kopje Plaza Building Nelson Mandela Avenue/Rotten Row Harare, Zimbabwe BANKERS Telephone: 263 4 779013-14 CBZ Bank Limited Fax: 263 4 779011 FBC Bank Limited BULAWAYO 5th Floor, First Mutual House BANK SECRETARY 9th Avenue/Main Street Mr Kennias Kanguru Bulawayo, Zimbabwe IDBZ House, 99 Rotten Row Telephone: 263 9 70035/70398 Harare, Zimbabwe Fax: 263 9 67389 Telephone: 263 4 750171-8 Fax: 263 4 749012 2 IDBZ SHAREHOLDING AS AT 31 DECEMBER 2012 Shareholder Shares Held %age Government of Zimbabwe 2,018,605 86.59397% Reserve Bank of Zimbabwe 304,408 13.05848% ZIMRE Holdings Limited 8,001 0.34323% Staff Share Trust 78 0.00337% Fidelity Life Assurance Company of Zimbabwe Limited 6 0.00026% Finnish Fund for Industrial Cooperation 5 0.00023% African Development Bank 4 0.00017% German Investment & Development Company 3 0.00013% Netherlands Development Finance Company 3 0.00013% European Investment Bank 1 0.00004% TOTAL 2,331,114 100.00000% 3 BOARD OF DIRECTORS Mr. -
ZBFH 2011 Annual Report Final
CONTENTS VISION AND MISSION STATEMENT OUR BUSINESS Vision and Mission Statement 01 We provide a uniquely diverse range of financial services. Notice to shareholders 02 OUR VISION Shareholder Information 04 Excellence in our business. Group Corporate Structure 05 OUR MISSION Company and Product Profile 06 We commit ourselves to be the best at creating and Corporate Governance 11 maintaining mutually beneficial relationships with all stakeholders in order to achieve our vision. Directorate 18 OUR VALUES 2011 Corporate Social Investment (CSI) Programme 19 • Customer Satisfaction, Chairman’s Statement 22 • Reliability, • Social Responsibility, Group Chief Executive’s Report 24 • Honesty and Integrity. Economic Overview 28 CORPORATE INFORMATION Three Year Financial Review 36 ZB FINANCIAL HOLDINGS LIMITED Report of the Directors 37 Registered Office 10th Floor ZB House Extract From Report of the Actuary 39 46 Speke Avenue P O Box 3198 Report of the Independent Auditors 41 Harare Telephone: +263 -4- 751168/75 Facsimile: +263 -4- 251029 Consolidated Statement of Financial Position 42 E-mail: [email protected] Web address: www.zb.co.zw Company Statement of Financial Position 43 Company Registration Number 1278/89 Consolidated Income Statement 44 Date of Incorporation 29 May 1989 Consolidated Statement of Comprehensive Income 45 Group Company Secretary Company Statement of Comprehensive Income 46 C. T Kathemba Auditors Consolidated Statement of Changes in Equity 47 KPMG Mutual Gardens 100 The Chase (West) Company Statement of Changes in Equity 48 Emerald Hill P O Box 6 Consolidated Statement of Cash Flows 49 Harare Tel: +263 -4- 303700, 302600 Fax: +263 -4- 303699 Company Statement of Cash Flows 50 E-mail: [email protected] Website: www.kpmg.com Notes to the Consolidated Financial Statements 51 Board of Directors P B Nyajeka (Chairman), E N Mushayakarara (Group Group Branch Network 130 Chief Executive), E Hamandishe, Dr C U Hokonya, F Kapanje, T Mafunda , T P B Mpofu, E Munemo.