HARARE: Zimbabwe’s largest banking group CBZ Holdings on Friday reported a 21 percent rise in earnings per share after an increase in net interest income and premiums from its insurance unit.
CBZ chairman Richard Wilde said in a statement that basic earnings per share rose to 5 cents from 4.13 cents during the same period last year.
Higher net interest income from banking operations and underwriting income from the insurance business helped push up profit to $13.7 million from $12.8 million in the prior year.
The group wrote-off $14 million in bad loans, tripple the amount in December but said total non-performing loans decreased to $84.7 million compared to $87 million six months earlier.
Reserve Bank of Zimbabwe governor John Mangudya said on Wednesday non-performing loans in Zimbabwe’s banking sector were 14.5 percent of the total advances and directed banks to reduce the ratio to 5 percent by December 2016.
