HARARE, 31 August 2026 — ZB Financial Holdings Limited recorded a stronger underlying performance for the six months ended 30 June 2026, with growth in sustainable profit, assets, and insurance revenue, even as reported profit after tax declined due to lower exchange gains.
In unaudited consolidated results released this week, the Group said profit after tax closed at ZWG0.248 billion, down from ZWG0.428 billion in the same period last year. The decline was mainly attributed to a reduction in exchange gains as the ZWG exchange rate remained relatively stable compared to 2025.
Excluding unrealised exchange gains and fair value adjustments, the Group’s sustainable profit after tax improved to ZWG0.175 billion from ZWG0.087 billion in 2025, reflecting greater reliance on revenue from core operations.
Total income declined to ZWG1.657 billion from ZWG1.908 billion in 2025, largely because of the drop in exchange gains. However, fee and commission income from banking operations rose to ZWG0.924 billion from ZWG0.905 billion, supported by efficiencies from digital platforms and increased transactions from new customers.
Net interest income eased to ZWG0.305 billion from ZWG0.477 billion due to subdued lending and the restructuring of some financial assets at zero coupon. Net income from lending activities dipped slightly to ZWG0.381 billion from ZWG0.406 billion. The Group said its focus for the remainder of 2026 will be on growing the loans and advances book through quality asset creation.
The Group’s total assets grew by 21.5% to ZWG19.531 billion from ZWG16.080 billion at 31 December 2025. The expansion was driven by growth in mortgages and other advances, which rose to ZWG4.616 billion from ZWG3.090 billion, and increased investments in financial assets.
Customer deposits and other funding balances also grew strongly, closing at ZWG8.920 billion compared to ZWG6.570 billion in December 2025, supported by higher USD deposits across all sectors. ZB Bank maintained a liquidity ratio of 70%, well above the 30% regulatory requirement.
Operating costs were well contained, declining marginally to ZWG1.359 billion from ZWG1.372 billion as cost optimisation and process automation initiatives continued.
Insurance operations delivered improved results. Insurance revenue increased to ZWG0.541 billion from ZWG0.423 billion, while the insurance service result rose to ZWG0.111 billion from ZWG0.066 billion. The performance was driven by new business and higher participation in reinsurance and life assurance.
ZB Reinsurance posted profit after tax of ZWG0.059 billion, up from ZWG0.023 billion, with total assets growing to ZWG0.636 billion.
ZB Life Assurance returned to profitability with a profit of ZWG0.038 billion, compared to a loss of ZWG0.006 billion in H1 2025. Assets increased to ZWG1.285 billion.
P&C Reinsurance Botswana saw profit after tax fall to USD0.28 million from USD0.527 million due to higher reserves and exchange losses, while assets grew to USD8.985 million.
In investments, Mashonaland Holdings reported profit after tax of ZWG0.052 billion, down from ZWG0.064 billion, with assets rising to ZWG2.768 billion. New unit ZB Asset Management, licensed in August 2025, posted a profit of ZWG0.006 billion in its first months of operation, exceeding targets.
ZB Bank Limited recorded profit after tax of ZWG0.088 billion, compared to ZWG0.346 billion in 2025, also impacted by lower exchange gains. Sustainable profit after tax recovered to ZWG0.018 billion from a loss of ZWG0.0443 billion. Bank assets increased to ZWG14.674 billion, reflecting loan book growth and stronger deposit mobilisation.
The company said the operating environment remained stable, with inflation averaging 2.5% in H1 and the exchange rate depreciating by 4.65% to ZWG26.7698:USD1. The RBZ maintained a tight monetary stance while easing interest rates from 35% to 30%.
The Group said it remains aligned with Vision 2030, with a focus on green financing, climate-smart agriculture, and financial inclusion through digital platforms. ZB Bank was the first Zimbabwean financial institution to receive RBZ-led SSCI sustainability certification in September 2025.
The staff complement rose to 868 from 855 in December 2025, with continued investment in digital skills and culture transformation.
All Group companies remained compliant with minimum capital requirements. The Building Society is undergoing liquidation following the RBZ’s cancellation of its banking licence in December 2025. No dividend was declared for the period.
Looking ahead, the company expects economic growth to moderate to around 5% in 2026, supported by agriculture and mining. ZBFH said it will pursue regional expansion, disciplined cost management, and value-added solutions to support national development and shareholder value.
