Business
ZB profit jumps to 988% in 9 months – NewsDay
In a trading update for the third quarter ended September 30, 2023, ZBFH said group revenue rose to 488%, creating a buffer against short-term economic structural disruptions.
ZB Financial Holdings (ZBFH) posted a profit of ZWL735 billion for the nine months ended September 30, 2023, an inflation-adjusted increase of 988% driven by a new operating model.
In a trading update for the third quarter ended September 30, 2023, ZBFH said group revenue rose to 488%, creating a buffer against short-term economic structural disruptions.
“The group’s operations continued to be sustainably profitable, posting a profit after tax (PAT) of ZWL$735 billion, a 988% improvement from the same period last year,” ZBFH said.
“The group’s new operating model saw growth in net revenue of 488%; ahead of its projections and was higher than the level of cost expansion, thus creating positive jaws, which provide a buffer against short-term structural dislocations in the operating environment and enhance prospects for the future sustainability of operations.”
ZBFH said revenue from lending activities was over 108%, year to September, from the 2022 comparative.
“Net interest income increase was driven by growth in US$ loans and positive trading margins. Non-interest income improved by 638% from ZWL$135 billion for the nine months to Q3 2022 to ZWL$997 billion for the 9 months to Q3 2023,” ZBFH said.
The total number of active accounts rose to 722 510, an increase of over 100%. Total deposits grew by 192% to ZWL$1,04 trillion as of September, from the end of 2022.
Third quarter 2023 commissions and fees grew to ZWL$142 billion, from ZW$33 billion in 2022’s third quarter.
Exchange gains of ZWL$266 billion, and fair value of ZWL$513 billion, being a 216% and 3 595% improvement in 2022’s third quarter, respectively, significantly contributed to total income.
However, operating expenses grew by 258% in the third quarter of 2023, driven by a high inflationary environment, which pushed up both remuneration and administration costs.
“The group’s total assets grew from ZWL$1 049 billion as at December 31, 2022 to ZW$2 728 billion as at September 30, 2023. Over and above the general inflation pull factor on monetary balances, total asset growth was also induced by the restatement of foreign currency-denominated balances,” ZBFH said.
“Earning assets grew by 244% to close at ZWL$1 074 billion as at September 30, 2023 compared to ZWL$312 billion as at December 31, 2022. The group’s loan book grew by 332% from ZWL$205 billion as at December 31, 2022 to close at ZWL$889 billion as at 30 September 2023, as US$ loans came through at increased levels, which were then translated at a higher rate at the end of the period.”
ZBFH said the group maintained an average liquidity ratio of above 55% throughout the period.
The group is fully implementing one time password, anchored on a “customer-centric” business model that provides one-stop financial services shop to clients.
“The group is committed to growing sustainable earnings and is confident that its diversified investments and strong statement of financial position will help to achieve its set targets for the year,” ZBFH said.
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The new route is a key element in Zimbabwe’s regional network expansion strategy, FlyNamibia managing director Andre Compion said.
It will also enhance regional connectivity, promote tourism within Namibia and position Windhoek as an alternative gateway to the region.
FlyNamibia’s partnership with Airlink will give it access to the GDS, which will allow it to promote its new flights and packages to markets that were previously beyond reach. The airline is also planning to unveil new routes to Botswana and Angola in the future.
The new flights will effectively more than triple FlyNamibia’s current schedule of regional flights. Compion also revealed that the airline was entering the final phase of preparations for the introduction of flights to Luanda, Angola.
FlyNamibia is a Namibian private airline that mostly plies domestic routes from Eros Airport in Windhoek to Ondangwa, Rundu, Katima Mulilo, Lüderitz, and Oranjemund.
The airline also has a regional route between Hosea Kutako International Airport and Cape Town International Airport. The airline recently became a member of IATA.
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FlyNamibia adds Zimbabwe route
FlyNamibia has announced it will, from April next year, launch flights between Windhoek and Victoria Falls to operate on Tuesdays, Thursdays, and Saturdays between Hosea Kutako International Airport and Victoria Falls International Airport.
The new route is a key element in Zimbabwe’s regional network expansion strategy, FlyNamibia managing director Andre Compion said.
It will also enhance regional connectivity, promote tourism within Namibia and position Windhoek as an alternative gateway to the region.
FlyNamibia’s partnership with Airlink will give it access to the GDS, which will allow it to promote its new flights and packages to markets that were previously beyond reach. The airline is also planning to unveil new routes to Botswana and Angola in the future.
The new flights will effectively more than triple FlyNamibia’s current schedule of regional flights. Compion also revealed that the airline was entering the final phase of preparations for the introduction of flights to Luanda, Angola.
FlyNamibia is a Namibian private airline that mostly plies domestic routes from Eros Airport in Windhoek to Ondangwa, Rundu, Katima Mulilo, Lüderitz, and Oranjemund.
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This membership will give FlyNamibia access to a number of benefits, including global recognition and acceptance, access to IATA’s global network of airlines and travel agents, and support with marketing and sales.— Business Weekly
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