HARARE — CBZ Holdings reported profit after tax of ZWG1.12 billion for the nine months ended September 30, 2026, as higher lending activity and diversified business operations supported an increase in group income, although non-funded revenue continued to account for the larger share of earnings.
The financial services group generated total income of ZWG4.60 billion, with non-funded income rising 11% year on year to ZWG3.06 billion. Funded income increased by a more modest 3.5% to ZWG1.52 billion, reflecting growth in loans and advances.
The figures show the importance of CBZ’s diversified revenue base. Non-funded income accounted for roughly two-thirds of the reported income, highlighting the contribution of transactional services and other business activities beyond conventional lending.
Group Chief Legal Counsel and Governance Officer Rumbidzai Jakanani said profit after tax increased by 3.2% in US dollar terms, compared with 0.9% in ZiG terms. The difference reflected a 2.2% appreciation in the average ZiG exchange rate against the US dollar over the comparative period.
The group also recorded a net insurance service result of ZWG27.2 million, double the ZWG13.6 million reported in the corresponding period last year.
However, the performance comes against continued pressure on commission and fee income from regulatory fee caps. This presents a challenge for banks seeking to grow earnings from transaction-based services while maintaining affordable charges for customers.
For CBZ, stronger lending income and alternative revenue streams will therefore remain important to sustaining profitability. The relatively slower growth in funded income compared with non-funded income also raises questions about how effectively expanding credit activity is translating into earnings.
The operating environment provided some support. CBZ reported average annual ZiG inflation of 3.3% in the third quarter, down from 4.6% in the second quarter, while annual US dollar inflation averaged 3.2%. Foreign currency inflows increased by 34% to US$15.9 billion in the nine months to September, and reported national reserves stood at US$2 billion, equivalent to approximately two months of import cover.
These conditions offer businesses greater predictability in pricing, budgeting and investment decisions, although exchange-rate stability and inflation control remain important to confidence in the domestic financial system.
The Zimbabwe Mail’s analysis is that CBZ’s results demonstrate the commercial value of diversification in an economy where banks face regulatory constraints on fees and operate across multiple currency and inflation environments. However, the quality of future growth will depend not only on expanding income, but also on stronger lending returns, disciplined credit-risk management and sustainable operating costs.
Jakanani said the group would prioritise market development, increasing market share, cost containment and digital transformation during the remainder of the year.
The results underline a broader issue for Zimbabwe’s banking sector: balance-sheet growth and higher transaction volumes must ultimately translate into stronger, sustainable returns while supporting productive lending to businesses and households.
