CBZ blames cash shortages as profit remains stagnant

CBZ Holdings has revealed that the profit after tax for the half year ending June 30 2017, increased by a mere 0.8 percent compared to the corresponding period last year. According to financial results, the group posted a profit of $11,95 million compared to last year’s $11.92 million. Cash shortages and scarcity of foreign currency have been blamed.

CBZ Holdings group chief executive officer, Never Nyemudzo said

We are quite blessed to have clients, who have been supporting us despite the fact that they may not get as much as they would have wanted, but still want to continue to be loyal to the bank

Our thrust is to continue to deploy more of these e-platforms so that the issue of cash can become less and less. But, again, when you deploy these e-platforms you also have to speak to the issue of costs. What costs are people transacting on these e-platforms? That is why in our branches we are putting in self-service centres.

More: NewsDay