February 26, 2013 / 3:31 PM / 5 years ago

Zimbabwe's CBZ earnings rise 67 pct

HARARE, Feb 26 (Reuters) - Zimbabwe’s largest banking group, CBZ Holdings, reported on Tuesday a 67 percent rise in full-year earnings, benefiting from a growing depositor base despite a slowdown in the economy.

CBZ, the first Zimbabwean banking group with $1 billion in assets, saw basic earnings per share increasing to 8.08 cents in the year to December 2012, from 4.83 cents in 2011. Profit after tax rose to $45 million from $30 million previously.

CBZ has units in commercial banking, mortgage financing, asset management, insurance and property investment.

The company had reduced its non-performing loans to $41 million from $48 million the previous year by aggressively pursuing debtors as well as selling off collateral assets.

Reporting by MacDonald Dzirutwe; Editing by Jon Herskovitz

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