In the quiet accounting of a nation's money, CBZ Holdings has set down its nine-month figures to September 2026: a profit after tax of ZWG1.12 billion on total income of ZWG4.60 billion. Its chief legal counsel and governance officer, Rumbidzai Jakanani, presented the result as the fruit of lending, of fees and non-funded income that grew faster than the loans themselves, and of a steadier domestic economy that let businesses plan with a little more confidence. Yet the same figures carry a quieter truth, that a stronger local currency makes the dollar-denominated gain look smaller than it is,
CBZ Holdings Posts ZWG1.12 Billion Profit After Tax as Lending and Non-Funded Income Lift Nine-Month Results
The same profit grows 0.9% in ZWG, but 3.2% in US dollars.
Mark
The headline is a ZWG1.12 billion profit. Why does the story spend so much time on currency?
Mimi
Because the same profit grows at two different rates. In ZWG it rose 0.9%, in US dollars 3.2%. The ZWG appreciated 2.2% on average, from 26.69 to 26.10 against the dollar, and that explains the gap.
Mark
So where did the income actually come from?
Mimi
Non-funded income did most of the lifting. It rose 11% to ZWG3.06 billion from ZWG2.75 billion. Funded income, which comes from lending, grew 3.5% to ZWG1.52 billion.
Mark
Yet commission and fee income is under pressure?
Mimi
Yes, from regulatory fee caps. That is why the group says it wants to expand funded income and find other revenue streams.
Luke
Careful with the word 'sound management' in some coverage. The figures come from the company's own trading update, presented by its own officer. Nothing here is independently audited or checked.
Mark
Fair. What about the economic backdrop?
Mimi
Annual ZiG inflation averaged 3.3% in the third quarter, down from 4.6%. Foreign currency inflows rose 34% to US$15.9 billion, and reserves were US$2.0 billion, about two months of import cover.
Luke
Those macro figures are reported in the update, and the source doesn't say who compiled them. Also, two months of import cover is a thin cushion, and the update doesn't say how CBZ's profit would respond if stability slipped.
Mark
And what does the group say comes next?
Mimi
The outlook depends on inflation and exchange-rate stability and on global markets. Its stated priorities are market share, cost containment and digital transformation.
Luke
Those are intentions, not results. The update gives no targets or timelines for any of them.
Il Polso
- Profit after tax reached ZWG1.12 billion, but the currency gap tells a sharper story: US dollar profit rose 3.2% while the local-currency figure managed only 0.9%.
- Regulatory fee caps are squeezing commission income, forcing the group to look harder for revenue beyond its traditional lending.
- Non-funded income climbed 11% to ZWG3.06 billion, carrying much of the growth while funded income rose a more modest 3.5%.
- Management is pushing toward market share, digital transformation and cost discipline, betting that a steady inflation and exchange-rate climate will hold through the final quarter.
In the quiet accounting of a nation's money, CBZ Holdings has set down its nine-month figures to September 2026: a profit after tax of ZWG1.12 billion on total income of ZWG4.60 billion. Its chief legal counsel and governance officer, Rumbidzai Jakanani, presented the result as the fruit of lending, of fees and non-funded income that grew faster than the loans themselves, and of a steadier domestic economy that let businesses plan with a little more confidence. Yet the same figures carry a quieter truth, that a stronger local currency makes the dollar-denominated gain look smaller than it is, and that the group's future still rests on conditions that no single institution controls.
This week Rumbidzai Jakanani, Chief Legal Counsel and Governance Officer of CBZ Holdings, presented the group's trading update for the nine months to September 30, 2026. The headline was a profit after tax of ZWG1.12 billion on total income of ZWG4.60 billion. CBZ describes itself as a diversified financial services conglomerate, and Jakanani credited growth in lending and non-funded income, alongside higher customer deposits and contributions from the group's other businesses.
The currency shapes how the number reads. In US dollar terms profit rose 3.2%, but in ZWG it grew only 0.9%, because the local currency strengthened about 2.2% against the dollar over the year. Loans lifted funded income 3.5% to ZWG1.52 billion, while non-funded income rose 11% to ZWG3.06 billion. Commission and fee income, however, continued to be squeezed by regulatory fee caps, which Jakanani said reinforces the push to expand funded income and develop new revenue streams.
She described the third quarter as comparatively stable, with annual ZiG inflation easing to 3.3% from 4.6% in the second quarter and foreign currency inflows up 34% to US$15.9 billion. Looking ahead, the outlook depends on domestic inflation and exchange-rate stability holding, along with global financial and commodity markets. The group's priorities are market development, growing market share, cost containment and digital transformation. The real test is whether the stability she described survives the final quarter.
This week, Rumbidzai Jakanani, the Chief Legal Counsel and Governance Officer of CBZ Holdings, presented the group's trading update for the period ended September 30, 2026. The headline figure was a profit after tax of ZWG1.12 billion on total income of ZWG4.60 billion, covering the nine months to the end of September.
CBZ describes itself as a diversified financial services conglomerate. Jakanani attributed the result to growth in lending and in non-funded income, together with higher customer deposits and contributions from the group's other businesses. She said management had kept its focus on diversifying revenue while holding strong capital and liquidity positions to support targeted growth.
The currency makes a difference to how the number reads. In US dollar terms, profit after tax rose 3.2%, while in ZWG it grew 0.9%. Jakanani explained that the gap reflects a 2.2% appreciation of the average ZWG exchange rate against the US dollar: the average was ZWG26.10 in 2026, compared with ZWG26.69 in 2025.
The income lines show where the growth came from. Loans and advances grew, lifting funded income 3.5% year on year to ZWG1.52 billion. Non-funded income rose faster, by 11.0%, to ZWG3.06 billion from ZWG2.75 billion a year earlier. Total income also includes a net insurance service result of ZWG27.2 million, double the ZWG13.6 million recorded in 2025.
Not every revenue line moved in the group's favour. Commission and fee income continued to be squeezed by regulatory fee caps. Jakanani said this reinforces the group's push to expand funded income and develop alternative revenue streams to support sustainable earnings growth.
She described the domestic operating environment in the third quarter as comparatively stable, with lower inflation and relative exchange-rate steadiness giving businesses more predictability. Annual ZiG inflation averaged 3.3% in the third quarter, down from 4.6% in the second, while annual US dollar inflation averaged 3.2%. Foreign currency inflows rose 34% to US$15.9 billion over the nine months to September 2026. Reported reserves stood at US$2.0 billion, equal to roughly two months of import cover.
Looking ahead, Jakanani said the outlook for the rest of 2026 depends on domestic inflation and exchange-rate stability continuing, along with developments in global financial and commodity markets. She named market development and growing market share as key priorities in the group's strategy, and said cost containment and digital transformation would be central to improving operating efficiency. The next test is whether the stable conditions she described hold through the final quarter.
Citazioni salienti
The outlook for the remainder of 2026 will depend on the continuation of domestic inflation and exchange-rate stability, alongside developments in global financial and commodity markets.— Rumbidzai Jakanani, CBZ Group Chief Legal Counsel and Governance Officer
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