Home LOCAL NEWS ZB Holdings pumps $2,3 billion into productive sector

ZB Holdings pumps $2,3 billion into productive sector

ZB Holdings pumps $2,3 billion into productive sector

ZB FINANCIAL Holdings has in the half year ended June 2020 released a total of $2,3 billion to the various sectors of the economy with the bulk of the loans going towards supporting mining and agriculture.

Speaking during the group’s half year virtual analyst briefing on Thursday, ZB group chief executive officer, Mr Ron Mutandagayi said their non-performing loans (NPLs) ratio has come down from 0,45 percent as at December 2019 to 0,19 percent as at June this year.

“A total of $2,27 billion is our gross lending to the various sectors as at June 30, 2020. Some of the sectors have shown increases.

“We are quite particularly pleased with agriculture and mining as well because we have got a lot of mining activities,” he said.

During the period under review, the group increased loans to the agriculture sector to $442,44 million from $295,38 million while loans to the mining sector rose to $274,74 million from $258,78 million.

“Our NPLs ratio has come down from 0,45 percent as at 31 December 2019 to 0,19 percent as at 30 June 2020.

“A number of factors contributed to that. I think the first one is that your denominator does become larger when you convert your foreign exchange at the ruling exchange rate,” he said.

Mr Mutandagayi said his institution also ensured that when lending adequate security underwriting measures were taken, hence this reduced the NPLs ratio during the period under review.

Other sectors to which the Zimbabwe Stock Exchange-listed financial services group supported include manufacturing, transport, services, distribution, and individuals, among others. In the period under review, ZB recorded a total income of close to $2 billion while total expenses stood at $506,84 million, giving a profit before tax of $1,4 billion.

Meanwhile, the financial services group has launched a global customer service hub called #ZBHelloWorld that seeks to offer financial solutions to the group’s broader customer base.

The #ZBHelloWorld is a three-fold campaign that includes the Diaspora service hub —Kesto, Visa Card and the ZB customer service promise.

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