CBZ : 2022 FY Financials & Audit Report

May 12, 2023 at 08:47 am EDT

Abridged Audited Inflation Adjusted

Financial Results Abridged Audited Inflation Adjusted

For the year ended 31 DecemberFinancial2022Results

For the year ended 31 December 2022

Key Financial Highlights

Profit after taxation (ZWL$m)

33,042.3

80,960.6 400.9%

Total comprehensive income (ZWL$m)

43,043.3

111,222.0453.3%

Total assets (ZWL$m)

955,093.2

923,034.3405.6%

Total equity (ZWL$m)

168,545.3

143,419.5 382.7%

Total deposits (ZWL$m)

Total advances(ZWL$m)

680,399.5 176,218.9

680,399.5417.9% 176,218.9 215.2%

Group Chairman's Statement

It is my pleasure to present an update on the financial and strategic performance of CBZ Holdings Limited and its subsidiaries for the year to 31 December 2022.

Given that the Group's strategic and financial performance was largely driven by global, regional and domestic macroeconomic developments, it is essential that I outline the major environmental factors that influenced our strategy development and execution during the year 2022.

On the global scale, most economies noticeably transitioned into a post-crisis mode, as COVID-19 subsided from pandemic to endemic status. The subsequent reopening of borders and airspaces resulted in a noticeable recovery in the global tourism, hospitality, aviation and related sectors, as people began to travel further and stay longer on vacations and business. This somewhat eased accessibility to international markets, as well as opened up new opportunities in the tourism and allied sectors. However, the period was also characterised with an increase in downside risks, including rising global inflation, cost of living crises, currency weaknesses and tightening monetary and fiscal conditions, which dampened prospects of rapid and sustained recovery in global economic activity.

In Zimbabwe, the operating environment was intermittently volatile during the second quarter of the year. However, significant exchange rate and price stability was achieved from the end of the third quarter of the year, following enhancement of the tight fiscal and monetary policy stances by the authorities, as well as a slowdown in global instabilities. Moreover, notwithstanding the aforementioned intermittent market volatilities, considerably strong activity and resilience was still recorded in the tourism, mining and infrastructure sectors. Additionally, record high Diaspora remittances of US$1.6 billion for the year 2022 continued to propel private consumption and investment, especially in the residential construction sector. Subsequently, the Government of Zimbabwe estimates the economy to have grown by a resilient 4.0% in 2022 - above the projected Sub Saharan Africa growth rate of 3.6% for 2022.

Meanwhile, the CBZ Group continued to play a significant role in supporting the economy, providing different solutions through its banking, microfinance, insurance, wealth management, risk advisory and properties subsidiaries. In particular, in the digital space, the Group continued to put unprecedented freedom and convenience into its customers' hands through enhancements to its multi-award winning mobile app, CBZ Touch. Additionally, under the wealth management banner, Datvest successfully added investment options to the Group's clients through the launch of the Datvest Modified Consumer Staples Exchange Traded Fund "ETF". The completion of the Fairview housing project was also another milestone for Datvest and the Group, as it continued to play a part towards putting a roof above every citizen's head. Finally, CBZ Bank leveraged on its huge balance sheet to support new and expansion projects in the mining, agriculture and infrastructure development sectors, among others, thereby maintaining its market leadership position throughout the year. On the Agriculture space, CBZ Agro-Yield remains a key strategic partner in supporting Government's quest to make the country food self-sustenance.

Share Price Performance

On the capital markets, the CBZH share price increased by 79.6% from ZWL$75.20 at the beginning of the year to close at ZWL$135.00. The ZSE benchmark index rose by 80.1% growth. CBZH ended the year with a market capitalisation of ZWL$70.6 billion. The graph below shows the movements in the CBZH share price and the benchmark industrial index from December 2021 to December 2022.

		CBZ Holdings Limited Share Price & ZSE All Share Trend-2022
	35,000	180.00
(CENTS)PRICESHARECBZH	30,000	160.00	INDEXSHAREALLZSE
	140.00
	25,000
	120.00

	20,000	100.00
	15,000	80.00
	10,000	60.00
	40.00

	5,000	20.00

	-	-

ZSE ALL SHARE INDEX		CBZH SHARE PRICE

Corporate Social Responsibility

In 2022, CBZ Holdings facilitated community-driven, sustainable, and environmentally inclusive projects to further the socio-economic status of the underprivileged populations in Zimbabwe. Leveraging on staff volunteerism, philanthropy, health, and sports development pillars. Several initiatives were carried out during this period, including donations to the Makomborero Trust, which houses top performing A-Level students from disadvantaged backgrounds, Tariro - Hope and Health for Zimbabwe's Orphans (Tariro Trust), which educates girls from disadvantaged families at various primary, secondary, and tertiary levels. Furthermore, the Group made a donation towards the reconstruction of toilets at Denya Primary School, located in Mashonaland East Province which had been destroyed by torrential rains. As part of our continued support of health initiatives, CBZ donated to Karanda Mission Hospital Surgical Outreach, which offered free surgical procedures ranging from inguinal hernias to thyroidectomies to patients who had been assessed and pre-booked through Operation of Hope Mission.

To achieve community-wide impact, we leveraged on our core competencies to address social challenges in the community.The Group also donated towards the renovation of Tshovani Stadium in Chiredzi, which was in a dilapidated state. As a community gathering place, the stadium offers a unique opportunity for the Chiredzi community, including the youth, to participate in positive recreational activities. Through the CBZ sporting development pillar, the Group hosted the annual CBZ Marathon at the Old Georgians Sports Club in Harare, where approximately 1,800 athletes from across the country competed in races ranging from 5 km, 10 km, 21.1 km, and the main 42.2 km race.

Our geographical spread has enabled us to reach many communities in Zimbabwe. During the period under review, the Rusape Branch visited and donated groceries to Nyazura Farm Prison. Among the groceries were cooking oil, soya mince, dry beans, bars of washing soap, and sanitary pad packs, among others.

The Group looks forward to a deeper engagement with all our partners, beneficiaries, local administrations, and employees to accelerate the impact of our work in the communities and continue focusing on bringing sustainable change in the communities we serve.

Governance & Directorship

As Chairman of the Board of Directors of CBZ Holdings Limited, it is my responsibility to ensure that the Group has both sound Corporate Governance and an effective Board. My responsibilities include leading the Board effectively, overseeing the Group's corporate governance model, communicating with shareholders and ensuring that good information flows freely between the Executive and Non-executive directors in a timely manner.

The Board believes that Corporate Governance is more than just a set of guidelines; rather it is a framework which underpins the core values for running the business in which we all believe, including a commitment to open and transparent communication with our stakeholders. We believe that good corporate governance improves long term success and performance

There have been no changes to the Group's key corporate governance arrangements over the past year.

Overview of the Group's performance

The table below summarises the Group's financial performance for the year ended 31 December 2022.

	INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
	AUDITED	AUDITED	UNAUDITED	UNAUDITED
	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
	ZWL$ M	ZWL$ M	ZWL$ M	ZWL$ M
Key Financial Hig hlights
Profit after taxation	33 042.3	26 493.5	80 960.6	16 164.2

Total comprehensive income	43 043.3	32 515.1	111 222.0	20 101.6

Total assets	955 093.2	654 184.3	923 034.3	182 570.9

Total equity	168 545.3	123 046.4	143 419.5	29 710.3

Total deposits	680 399.5	451 611.6	680 399.5	131 374.1

Total advances	176 218.9	192 166.1	176 218.9	55 901.3

Other statistics

Basic earnings per share (cents)	6 331.63	5 075.78	15 510 .63	3 096.43

Non-interest income to total income (%)	70.4	54.3	77.6	55.7

Cost to income ratio (%)	34.5	40.2	27.1	34.8

Return on assets (%)	6.8	6.2	17.9	11.9

Return on equity (%)	22.7	24.0	93.5	79.3

Growth in deposits (YTD %)	50.7	25.4	417.9	101.5

Growth in advances (YTD %)	(8.3 )	18.1	215.2	89.9

Growth in PAT (YOY %)	24.7	(5.5 )	400.9	163.0

Outlook

The effects of the turbulence experienced in 2022 are expected to spill over into the year 2023, with the International Monetary Fund "IMF" projecting global growth to decelerate further from 3.4% in 2022 to 2.9% on 2023 - the weakest level in more than two decades outside the global financial crisis and COVID-19 pandemic phases. In Zimbabwe, the Government expects the economy to grow by 3.8% in 2023, supported by pent up demand in the hospitality sector - thanks to an emerging middle income class - and continued resilience and investments in the mining and construction sectors as well as progression of projects in the energy and iron and steel sectors. Diaspora remittances are expected to continue playing a significant role in propping up private consumption and demand. The Group will, therefore, continue to invest in building its capacity and ability to continuously meet the increasing demands of its wide range of customers. The intended continuation of the multicurrency system, in line with the National Development Strategy "NDS 1", is also expected to enable the Group to offer solutions that speaks to the evolving business models of its clients. Finally, the expected launch of the National Financial Inclusion Strategy II by the Reserve Bank of Zimbabwe in 2023 should provide further guidance and alignment to the Group's ongoing ESG initiatives, especially under the financial inclusion pillar.

Appreciation

Special thanks to our valued clients who are at the core of our success, fellow Directors from the Board, the Boards of Subsidiary Companies, Management and Staff for their continued commitment to CBZ and the growth of Zimbabwe.

…………………….............................................

Marc Holtzman

Group Chairman

8 May 2023

Statement of Directors' Responsibilities

The Directors are responsible for the oversight of the Group's consolidated inflation adjusted financial statements preparation to ensure that its financial statements comply with the Companies and Other Business Entities Act (Chapter 24:31) and International Financial Reporting Standards ("IFRS"). They have general responsibility, through various Board Committees, Executive management, compliance and internal audit function for risk management and ensuring that internal controls are in place to identify and mitigate risks of the Group to prevent and detect fraud and other irregularities.

The Group consolidated inflation adjusted financial statements are, by Law and International Financial Reporting Standards (IFRS), required to present fairly, the financial position of the Group and its performance for that period. In preparation of the Group financial statements, the Directors are required to:

state whether they have been prepared in accordance with IFRS; and
prepared on the going concern basis, unless it is inappropriate to presume that the Group will continue in business;
select suitable accounting policies and then apply them consistently; and
make judgements and estimates that are reasonable and prudent;

Compliance with local legislation

The consolidated inflation adjusted financial statements have been prepared in the manner required by the Companies and Other Business Entities Act (Chapter 24:31), Banking Act (Chapter 24:20), Insurance Act (Chapter 24:07), Securities and Exchange Act (Chapter 24:25); Microfinance Act (Chapter 24:29) and Asset Management Act (Chapter 24:06).

Compliance with IFRS

These consolidated inflation adjusted financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), (promulgated by the International Accounting Standards Board (IASB), which include standards and interpretations approved by the IASB as well as International Accounting Standards (IAS) and Standing Interpretations Committee (SIC) interpretations issued under previous constitutions).

The consolidated inflation adjusted financial statements have also been prepared to take account of the effects of inflation in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies. The historical cost amounts are shown herein as supplementary information. This information does not comply with the International Financial Reporting Standards in that it has not taken into account the requirements of International Accounting Standard 29 (Financial Reporting in Hyperinflationary Economies). The Group's External auditors have therefore not expressed an opinion on this historical financial information.

Going concern

The Directors have assessed the ability of the Group to continue operating as a going concern and believe that the preparation of these financial statements on a going concern basis is still appropriate. The Directors have engaged themselves to continuously assess the ability of the Group to continue to operate as a going concern and to determine the continued appropriateness of the going concern assumption that has been applied in the preparation of these financial statements.

Responsibility

The Directors are responsible for preparing the annual financial statements. These financial statements were prepared by CBZ Holdings Limited's Group Finance Department, under the direction and supervision of the Group Chief Finance Officer, Mr Tawanda L. Gumbo, PAAB Number 0223.

By order of the Board.

………………	………………………….............................…
T. L. GUMBO	DR. B. MUDAVANHU
GROUP CFO	GROUP CEO
8 May 2023	8 May 2023

Auditor's Statement

The inflation adjusted consolidated financial results should be read in conjunction with the complete set of inflation adjusted consolidated financial statements as at and for the year ended 31 December 2022, which have been audited by KPMG Chartered Accountants (Zimbabwe) and an unmodified opinion has been issued thereon. The opinion includes key audit matters in respect of valuation of owner-occupied property and investment property, expected credit loss allowance on loans and advances to customers and valuation of unlisted investments.

The auditors' report has been made available to management and the directors CBZ Holdings Limited. The engagement partner responsible for the audit was Themba Mudidi (PAAB Practice Certificate Number 0437).

Abridged Audited Inflation Adjusted Financial Results

For the year ended 31 December 2022

Consolidated Statement of

Profit or Loss and Other Comprehensive Income

For the year ended 31 December 2022

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022

		AUDITED
		INFLATION ADJUSTED	RESTATED
		31 DEC 2022	31 DEC 2021
NOTES	ZWL$ 000	ZWL$ 000



Interest income	2	87 217 393	74 916 927
Interest expense	2	(13 460 234)	(9 473 445)
Net interest income		73 757 159	65 443 482
Non-interest income	3	179 025 582	79 399 247
Net underwriting income	4	1 566 038	1 420 454
Total income		254 348 779	146 263 183
Operating expenditure	5	(87 858 923)	(58 782 712)
Operating income		166 489 856	87 480 471
Transfer to life fund and investment contract liabilities		(1 835 895)	(902 339)
Expected credit loss expense	14	(71 781 058)	(25 221 686)
Charge for impairment on insurance assets	14	(118 419)	(66 889)
Monetary loss		(38 227 959)	(24 608 419)
Profit before taxation		54 526 525	36 681 138
Taxation	6.1	(21 484 244)	(10 187 603)
Profit after tax for the year		33 042 281	26 493 535
Other comprehensive income
Items that will not be reclassified to profit or loss
Gains on property revaluations		9 225 937	5 114 463
Gains on equity instruments at FVOCI		4 354 048	1 515 833
Deferred income tax relating to components of
other comprehensive income	6.3	(3 833 962)	(891 761)
		9 746 023	5 738 535
Items that are or may be reclassified subsequently to profit or loss
Exchange gains/ (losses) on translation of foreign subsidiary 30.7	254 995	283 038
Other comprehensive income for the year net of tax		10 001 018	6 021 573
Total comprehensive income for the year		43 043 299	32 515 108
Profit for the year attributable to:
Equity holders of parent		33 052 100	26 496 368
Non-controlling interests	30.5	(9 819)	(2 833)
		33 042 281	26 493 535
Total comprehensive income for the year attributable to:
Equity holders of parent		43 050 200	32 515 325
Non-controlling interests	30.5	(6 901)	(217)
Total comprehensive income for the year		43 043 299	32 515 108
Earnings per share (cents)
Basic	7.1	6 331.63	5 075.78
Diluted basic	7.1	6 331.63	5 075.78
Headline	7.1	4 986.21	4 321.34

UNAUDITED

HISTORICAL	HISTORICAL
31 DEC 2022	31 DEC 2021
ZWL$ 000	ZWL$ 000

62 283 222	19 313 284
(10 206 580)	(2 040 312)
52 076 642	17 272 972
183 062 792	22 081 856
658 302	263 464
235 797 736	39 618 292
(63 997 752)	(13 803 898)
171 799 984	25 814 394
(1 182 363)	(178 200)
(71 781 058)	(7 337 007)
(118 419)	(19 458)
-	-
98 718 144	18 279 729
(17 757 513)	(2 115 550)
80 960 631	16 164 179
24 981 633	3 418 317
9 756 040	1 094 623
(4 731 324)	(573 232)
30 006 349	3 939 708
254 995	(2 241)
30 261 344	3 937 467
111 221 975	20 101 646
80 967 977	16 163 848
(7 346)	331
80 960 631	16 164 179
111 218 208	20 099 596
3 767	2 050
111 221 975	20 101 646
15 510.63	3 096.43
15 510.63	3 096.43
12 182.84	2 622.24

AUDITED INFLATION ADJUSTED

					Share based		Fair			Total equity	Non-
		Share	Share		Payment	Revaluation	value		Retained	attributable	controlling
		capital	premium	SAAR**	reserve	reserve	reserve	*FCTR	earnings	to parent	interests	Total
		ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000


Restated
31 December 2021
Opening balance	924 972	5 652 468	-	-	13 062 896	4 081 935	437 997	73 192 552	97 352 820	15 250	97 368 070
Profit for the year	-	-	-	-	-	-	-	26 496 368	26 496 368	(2 833) 26 493 535
Other comprehensive
income for the year	-	-	-	-	4 298 026	1 437 893	283 038	-	6 018 957	2 616	6 021 573
Equity-settled-
share based payment	-	-	-	1 959 263	-	-	-	-	1 959 263	-	1 959 263
Dividend paid	-	-	-	-	-	-	-	(8 796 086)	(8 796 086)	-	(8 796 086)

Closing balance	924 972	5 652 468	-	1 959 263	17 360 922	5 519 828	721 035	90 892 834	123 031 322	15 033	123 046 355
31 December 2022
Opening balance	924 972	5 652 468	-	1 959 263	17 360 922	5 519 828	721 035	90 892 834	123 031 322	15 033	123 046 355
Profit for the year	-	-	-	-	-	-	-	33 052 100	33 052 100	(9 819) 33 042 281
Other comprehensive
income for the year	-	-	-	-	5 608 553	4 134 552	254 995	-	9 998 100	2 918	10 001 018
Issue of shares
awaiting allotment	-	-	3 722 167	-	-	-	-	-	3 722 167	-	3 722 167
Dividend paid	-	-	-	-	-	-	-	(1 266 550)	(1 266 550)	-	(1 266 550)
Closing balance		924 972	5 652 468	3 722 167	1 959 263	22 969 475	9 654 380	976 030	122 678 384	168 537 139	8 132	168 545 271

UNAUDITED HISTORICAL

					Share based		Fair			Total equity	Non-
		Share	Share		Payment	Revaluation	value		Retained	attributable	controlling
		capital	premium	SAAR**	reserve	reserve	reserve	*FCTR	earnings	to parent	interests	Total
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000


31 December 2021
Opening balance	5 220	33 876	-	-	2 892 977	923 754	79 270	7 126 176	11 061 273	2 907	11 064 180
Profit for the year	-	-	-	-	-	-	-	16 163 848	16 163 848	331	16 164 179
Other comprehensive
income for the year	-	-	-	-	2 897 733	1 040 256	(2 241)	-	3 935 748	1 719	3 937 467
Equity-settled-
share based payment	-	-	-	569 951	-	-	-	-	569 951	-	569 951
Dividend paid	-	-	-	-	-	-	-	(2 025 509)	(2 025 509)	-	(2 025 509)

Closing balance		5 220	33 876	-	569 951	5 790 710	1 964 010	77 029	21 264 515	29 705 311	4 957	29 710 268
31 December 2022
Opening balance	5 220	33 876	-	569 951	5 790 710	1 964 010	77 029	21 264 515	29 705 311	4 957	29 710 268
Profit for the year	-	-	-	-	-	-	-	80 967 977	80 967 977	(7 346) 80 960 631
Other comprehensive
income for the year	-	-	-	-	20 726 298	9 268 938	254 995	-	30 250 231	11 113	30 261 344
Dividend paid	-	-	-	-	-	-	-	(1 012 734)	(1 012 734)	-	(1 012 734)
Issue of shares

The historical cost information has been shown as supplementary information for the benefit of users. This information does not comply with the International Financial Reporting Standards in that it has not taken into account the requirements of International Accounting Standard 29 - Financial Reporting in Hyperinflationary Economies. As a result, the auditors have not expressed an opinion on this historical cost financial information.

awaiting allotment	-	-	3 500 000	-	-	-	-	-	3 500 000	-	3 500 000

Closing balance	5 220	33 876	3 500 000	569 951	26 517 008	11 232 948	332 024	101 219 758	143 410 785	8 724	143 419 509

Shares awaiting allotment reserve (Refer to note 30.9)
Foreign currency translation reserve

Consolidated Statement of Financial Position

As at 31 December 2022

		AUDITED				UNAUDITED
		INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
		31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
		ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
	NOTES



Cash and cash equivalents	9	263 077 584	136 001 483			263 077 584	39 562 931
Money market assets	10	35 458 149	83 717 940			35 458 149	24 353 610
Financial securities	11	49 633 591	3 315 622			49 633 591	964 517
Loans and advances to customers	12	176 218 892	192 166 130			176 218 892	55 901 268
Insurance assets	13	2 074 050	4 090 959			1 973 587	1 162 033
Equity investments	17	17 335 017	18 638 795			17 335 017	5 422 039
Land inventory	16	20 801 368	20 459 426			1 657 513	552 094
Other assets	15	283 425 317	129 655 225			278 675 429	37 217 108
Current tax receivable		167 047	127 831			167 047	37 186
Intangible assets	22	926 145	1 045 501			257 276	213 757
Property and equipment	20	45 533 661	31 313 403			37 593 673	7 395 991
Investment properties	21	28 591 973	21 209 840			28 591 973	6 169 958
Deferred tax asset	23	31 850 453	12 442 131			32 394 532	3 618 424
TOTAL ASSETS		955 093 247	654 184 286			923 034 263	182 570 916
LIABILITIES
Deposits	24	680 399 535	451 611 586			680 399 535	131 374 141
Insurance liabilities	25	1 972 132	3 336 179			1 977 841	930 419
Other liabilities	26	56 995 029	56 019 613			56 611 156	15 963 342
Current tax payable		1 385 218	1 796 358			1 385 218	522 562
Life fund	27	1 574 500	1 367 473			1 574 500	397 799
Investment contract liabilities	28	369 246	214 994			369 246	62 542
Lease liability	20.1b	261 756	124 682			261 756	36 270
Deferred tax liability	23	43 590 560	16 667 046			37 035 502	3 573 573
		786 547 976	531 137 931			779 614 754	152 860 648
EQUITY
Share capital	30.1	924 972	924 972			5 220	5 220
Share premium	30.2	5 652 468	5 652 468			33 876	33 876
Revaluation reserve	30.3	22 969 475	17 360 922			26 517 008	5 790 710
Shares awaiting allotment reserve	30.9	3 722 167	-			3 500 000	-
Share based payment reserve	30.8	1 959 263	1 959 263			569 951	569 951
Fair value reserve	30.6	9 654 380	5 519 828			11 232 948	1 964 010
Retained earnings	30.4	122 678 384	90 892 834			101 219 758	21 264 515
Foreign currency translation reserve	30.7	976 030	721 035			332 024	77 029
Equity attributable to equity holders of the parent		168 537 139	123 031 322			143 410 785	29 705 311
Non-controlling interest	30.5	8 132	15 033			8 724	4 957
TOTAL EQUITY		168 545 271	123 046 355			143 419 509	29 710 268
TOTAL LIABILITIES AND EQUITY		955 093 247	654 184 286			923 034 263	182 570 916

Consolidated Statement of Cash Flows

For the year ended 31 December 2022

	AUDITED				UNAUDITED
	INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
CASH FLOWS FROM OPERATING ACTIVITIES	ZWL$ 000	ZWL$ 000		ZWL$ 000	ZWL$ 000



Profit before taxation	54 526 525	36 681 138			98 718 144	18 279 729
Non-cash items:
Monetary loss	38 227 959	24 608 419			-	-
Depreciation	2 664 253	2 170 680			1 386 362	312 929
Amortisation of intangible assets	402 534	241 984			125 724	39 039
Write off of property and equipment	32 028	16 401			73 711	947
Write off of intangible assets	-	1 966			-	323
Write down of land inventory	-	313 743			-	12 658
Write off of equity investments	2	-			1	-
Fair value adjustments on investment properties	(9 348 511)	(5 568 663)			(23 136 415)	(3 300 355)
Write off of right of use asset and lease liabilty	-	11 113			-	92
Fair value adjustments on financial instruments	5 826 316	(3 566 983)			(2 204 496)	(1 561 872)
Expected credit loss expense	71 781 058	25 221 686			71 781 058	7 337 007
Impairment on insurance assets	118 419	66 889			118 419	19 458
Unrealised gain on foreign currency position	(111 140 399)	(14 340 632)			(111 140 399)	(4 171 700)
Loss/ (Profit) on disposal of investment properties	727 623	(254 344)			174 651	(50 256)
Unearned premium reserve movement	306 297	290 340			673 696	124 902
Incurred But Not Reported (IBNR) claims provisions	234 125	117 766			133 778	29 435
Deferred commission movement	(47 968)	(95 287)			(49 445)	(23 846)
Profit on sale of property and equipment	(13 046)	(6 105)			(13 280)	(1 870)
Transfer to life fund and investment contract liabilities	1 835 895	902 339			1 182 363	178 200
Accrued interest on loans and advances to customers	(26 810 967)	(22 401 005)			(14 762 975)	(5 049 926)
Interest on lease liability	26 996	15 490			23 943	3 590
Operating cash flows before changes in operating
assets and liabilities	29 349 139	44 426 935			23 084 840	12 178 484
Changes in operating assets and liabilities
Deposits	957 488 951	328 776 532			527 224 021	72 631 103
Loans and advances to customers	(42 060 101)	(139 740 174)			(23 159 637)	(30 769 214)
Life assurance investment contract liabilities	226 473	177 628			124 070	51 672
Money market assets	(17 780 138)	(74 864 095)			(8 108 060)	(16 538 472)
Financial securities	(88 518 463)	16 170			(48 713 208)	9 957
Insurance assets	(516 238)	(1 144 645)			(288 998)	(555 516)
Insurance liabilities	350 672	1 550 436			158 059	352 098
Land inventory	(341 943)	(312 601)			(1 105 419)	(94 112)
Other assets	(951 511 642)	(180 378 247)			(304 800 329)	(17 055 977)
Other Liabilities	390 258 139	129 405 629			40 902 167	7 265 087

	247 595 710	63 486 633			182 232 666	15 296 626
TAXATION
Corporate tax paid	(19 689 815)	(18 705 615)			(17 084 252)	(4 738 473)
Net cash inflow from operating activities
257 255 034	89 207 953			188 233 254	22 736 637
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of investment property	1 351 248	506 231			605 826	104 960
Investment in equities during the year	(1 569 640)	(1 321 829)			(820 408)	(347 276)
Equity investments disposed during the year	1 401 148	355 245			867 965	75 513
Purchase of investment property	(112 493)	(706 959)			(66 077)	(175 939)
Proceeds on disposal of property and equipment	18 332	6 810			14 213	1 971
Purchase of property and equipment	(7 543 365)	(2 053 899)			(6 534 157)	(523 936)
Purchase of intangible assets	(283 178)	(356 775)			(169 243)	(119 761)
Net cash outflow from investing activities	(6 737 948)	(3 571 176)			(6 101 881)	(984 468)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares awaiting allotment	3 722 167	-			3 500 000	-
Lease liability principal repayment	(151 625)	(79 927)			(90 884)	(17 704)
Interest on lease liability paid	(26 996)	(15 490)			(23 943)	(3 590)
Dividend paid	(1 266 550)	(8 796 086)			(1 012 734)	(2 025 509)
Net cash inflow/ (outflow) from financing activities	2 276 996	(8 891 503)			2 372 439	(2 046 803)

Net increase in cash and cash equivalents	252 794 082	76 745 274			184 503 812	19 705 366
Cash and cash equivalents at beginning of the year	136 001 483	109 140 361			39 562 931	19 752 126
Exchange gains on foreign cash balances	39 010 841	362 457			39 010 841	105 439
Inflation effects on cash and cash equivalents	(164 728 822)	(50 246 609)			-	-
Cash and cash equivalents at end of the year	263 077 584	136 001 483			263 077 584	39 562 931

Abridged Audited Inflation Adjusted Financial Results

For the year ended 31 December 2022

Group Accounting Policies

For the year ended 31 December 2022

GROUP ACCOUNTING POLICIES
The following paragraphs describe the main accounting policies of the Group. For a detailed analysis of the Group's accounting policies, kindly refer to the Group's 2022 annual report which is available at the Company registered offices.

1.1 Basis of preparation

The consolidated inflation adjusted financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRSs)

as issued by the International Accounting Standards Board (IASB) and interpretations developed and issued by the International Financial Reporting Interpretations

Committee (IFRIC). In addition, these consolidated inflation adjusted financial statements have also been prepared in the manner required by the Companies and

Other Business Entities Act (Chapter 24:31), Banking Act (Chapter 24:20), Insurance Act (Chapter 24:07; Securities Act (Chapter 24:25), Microfinance act (Chapter

24:29), Estate agents act chapter (27:17) and Asset Management Act (Chapter 24:06). The consolidated inflation adjusted financial results have been restated to

take account of inflation in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies.

Notes to the Audited Inflation Adjusted

Consolidated Financial Results

For the year ended 31 December 2022

1.4 INCORPORATION AND ACTIVITIES

The consolidated inflation adjusted financial results of the Group for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 8 May 2023. The Group offers commercial banking, mortgage finance, asset management, short term insurance, life assurance, Agro Business and other financial services and is incorporated in Zimbabwe.

Determination of the functional currency

In recent years, monetary policy and exchange control measures have undergone significant changes, which have affected the Group's operations. The economy

has also experienced significant improvement, as a result of a substantial increase in foreign currency transactions during the year. Consequently, the Group's for-

eign currency transactions activity, deposits, and advances increased. The Directors have reviewed these prevalent market activities in order to determine whether

the underlying transactions, events, and conditions may indicate a potential change in the functional currency of the Group.

In doing so management considered parameters set in IAS 21 as follows:

The currency that mainly influences the sales prices for goods and services
The currency of the competitive forces and regulations that mainly determines the sales prices of goods and services.
The currency that mainly influences labour, material and other costs of providing goods and services (normally the currency in which such costs are denoted and settled)
The currency in which funds from financing activities are generated; and the currency in which receipts from operating activities are usually retained

In light of the developments summarised above and guidance from IAS 21, the Directors concluded that the Group's functional currency remains the Zimbabwe dollar (ZWL$) as presented in the prior year financial statements and all values are rounded to the nearest ZWL$ except when otherwise indicated.

Basis of Consolidation

The Group's consolidated inflation adjusted financial results incorporate the financial results of the Company and entities controlled by the Company.

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a 'concentration test' that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of

		AUDITED
		INFLATION ADJUSTED	RESTATED
		31 DEC 2022	31 DEC 2021
		ZWL$ 000	ZWL$ 000
2.	INTEREST

	Interest Income
	Bankers acceptances	630 563	723 309
	Overdrafts	21 160 389	12 133 919
	Loans	47 518 875	50 897 108
	Mortgage loans	1 211 163	600 909
	Staff loans	1 309 532	470 281
	Securities investments	4 800 477	1 571 371
	Other investments	10 586 394	8 520 030
		87 217 393	74 916 927
	Interest expense
	Call deposits	-	8 688
	Savings deposits	4 235 923	1 950 452
	Lease liability	8 406 911	7 357 035
	Other offshore deposits	790 404	141 780
	Lease liability	26 996	15 490
		13 460 234	9 473 445
	NET INTEREST INCOME	73 757 159	65 443 482
	* Interest Income and Interest expense is calculated using the Effective Interest Rate Method

UNAUDITED

HISTORICAL	HISTORICAL
31 DEC 2022	31 DEC 2021
ZWL$ 000	ZWL$ 000

297 146	179 682
17 711 973	2 948 580
30 312 936	13 545 023
821 657	138 430
1 127 227	113 942
4 332 202	355 489
7 680 081	2 032 138
62 283 222	19 313 284
-	2 098
2 557 559	328 326
6 945 246	1 674 387
679 832	31 911
23 943	3 590
10 206 580	2 040 312
52 076 642	17 272 972

a financial instrument is classified as equity, then it is not re-measured and settlement is accounted for within equity. Otherwise, other contingent consideration is re-measured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Control is achieved when the Company has power over the investee, is exposed or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of subsidiaries acquired or disposed of during the year are incorporated from the dates control was acquired up to the date control ceased. The financial results of the subsidiaries are prepared for the same reporting year as the parent Company, using consistent accounting policies. All intra-group balances, transactions, income and expenses, profits and losses resulting from intra-group transactions that are recognised in assets and liabilities and income and expenses are eliminated in full. Non-controlling interests represent the portion of profit and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from parent shareholders' equity.

Use of judgements and estimates

In preparing these consolidated inflation adjusted financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Management has disclosed relevant sensitivities or ranges of possible outcomes for judgements involving significant estimation uncertainty to assist primary users of accounts to understand the assumptions made and the extent of the changes that might be reasonably possible in the next twelve months.

Changes in significant accounting policies and disclosures

Except as described below, the accounting policies applied in these financial results are the same as those applied in the Group's consolidated inflation adjusted financial ftatements as at and for the year ended 31 December 2021. The changes in accounting policies are reflected in the Group's annual report for the year ending 31 December 2022.

The details of changes in accounting policies are disclosed below:

Reference to the Conceptual Framework (Amendments to IFRS 3: Business Combinations)
The amendments replace a reference to a previous version of the IASB's Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential 'day 2' gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.
These amendments had no impact on the consolidated inflation adjusted financial statements of the Group as there were no contingent assets, liabilities and contingent liabilities within the scope of these amendments arisen during the period.
Proceeds before Intended Use (Amendments to IAS 16: Property, Plant and Equipment)
The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss.
These amendments had no impact on the consolidated inflation adjusted financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented.
Subsidiary as a first-time adopter (Amendments to IFRS 1: First-time Adoption of International Financial Reporting Standards)
The amendment permits a subsidiary that elects to apply paragraph D16 (a) of IFRS 1 to measure cumulative translation differences using the amounts re-
ported in the parent's consolidated inflation adjusted financial statements, based on the parent's date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1.
These amendments had no impact on the consolidated inflation adjusted financial statements of the Group as it is not a first-time adopter.
Fees in the '10 per cent' test for derecognition of financial liabilities (Amendments to IFRS 9: Financial Instruments)
The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement.
These amendments had no impact on the consolidated inflation adjusted financial statements of the Group, as there were no modifications of the Group's financial instruments during the period.
Taxation in fair value measurements (Amendments to IAS 41: Agriculture)
The amendment removes the requirement in paragraph 22 of IAS 41 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of IAS 41.
These amendments had no impact on the consolidated inflation adjustedfinancial statements of the Group as it did not have assets in scope of IAS 41 as at the reporting date.
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37: Provisions, Contingent Liabilities and Contingent Assets)
The amendments specify that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

1.2 Application of IAS 29 (Financial Reporting in Hyperinflationary Economies)

These financial results have been prepared in accordance with IAS 29 which requires that the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the reporting date and that corresponding figures for the previous period also be restated in terms of the same measuring unit.

The Group adopted the Zimbabwe consumer price index (CPI) compiled by Zimbabwe National Statistics Agency (ZIMSTAT) as the general price index to restate transactions and balances as appropriate. The indices and conversion factors used to restate these financials are as follows;

Date	Indices	Pecentage (%) movement	Conversion Factors

31 December 2022	13,672.91	244%	1.0000

31 December 2021	3,977.46	61%	3.4376

31 December 2020	2,474.51	349%	5.5255

The procedures applied in the above restatement of transactions and balances are as follows:

All comparative figures as at end of the period 31 December 2021 were restated by applying the change in the index from the date of last re-measurement to 31 December 2022.
Monetary assets and liabilities balances were not restated because they are already stated in terms of the measuring unit current at the reporting date.
Non-monetaryassets and liabilities that are not carried at amounts current at balance sheet and components of shareholders' equity were restated by apply- ing the change in the index from the date of the transaction or if applicable from the date of their most recent revaluation to 31 December 2022. Property and equipment is restated by applying the change in the index from the date of transaction to 31 December 2022.
Items recognised in the income statement have been restated by applying the change in the general price index from the dates when the transactions were initially earned or incurred. Depreciation and amortisation amounts are based on the restated costs or carrying amounts.
Income statement items/transactions, except for depreciation and amortisation charges explained above, are restated by applying the monthly index for the period ended 31 December 2022.
Opening deferred tax was calculated for temporary differences between tax bases of assets and liabilities and their carrying amounts expressed in the pur- chasing power at the opening balance sheet date. The calculated tax was then inflated to the purchasing power at the reporting date. The closing deferred tax position was calculated based on the applicable temporary differences between the tax base and the IAS 29-adjusted IFRS balance sheet (i.e. expressed in the measuring unit current at the balance sheet date).
Gains and losses arising from the net monetary position are included in the statement of profit or loss and in the statement of cash flows as non-cash items.
All items in the statement of cash flows are expressed in terms of the general price index at the end of the reporting period.
The financial statements of one of the Group subsidiaries which do not report in the currencies of hyperinflationary economies were dealt with in accordance with IAS 21. Comparative figures as at end of the period 31 December 2021 were restated by applying the change in the index from the date of last re-mea- surement to 31 December 2022.
The inflation effects on cash and cash equivalents were shown separately in the reconciliation of cash and cash equivalents. The Group considered the broad objectives of IAS 29 and IAS 7 to appropriately present and disclose the effects of inflation on cash and cash equivalents.

The historical cost information has been shown as supplementary information for the benefit of users. These are not required in terms of International Accounting Standard (IAS) 29 "Financial Reporting in Hyperinflationary Economies". The auditors have not expressed an opinion on the historical cost information.

3	NON-INTEREST INCOME
	Fair value adjustments on financial instruments	(5 826 316)	3 566 983	2 204 496	1 561 872
	Fair value adjustments on investment properties	9 348 511	5 568 663	23 136 415	3 300 355
	Net income from trading securities	157 445	171 753	60 000	41 099
	Net income from foreign currency dealing	10 153 949	2 465 910	9 028 745	561 845
	Unrealised gains on foreign currency exchange	111 140 399	14 340 632	111 140 399	4 171 700
	Agro business income	16 019 116	15 357 404	10 034 269	3 322 831
	Commission and fee income	35 914 545	31 794 324	24 961 523	7 364 529
	Profit on disposal of property and equipment	13 046	6 105	13 280	1 870
	(Loss)/ Profit on disposal of investment property	(727 623)	254 344	(174 651)	50 256
	Bad debts recovered	74 360	132 471	52 051	30 277
	Property sales	104 204	575 375	874 471	137 564
	Lease income	645 234	412 261	499 750	94 629
	Other operating income	2 008 712	4 753 022	1 232 044	1 443 029
	Total non interest income	179 025 582	79 399 247	183 062 792	22 081 856

Included in unrealised exchange gains on foreign currency position, are exchange gains on foreign currency monetary balances held largely by the Banking operations and Agro business segments. Commision and fee income largely comprises income earned from banking operations.

4	UNDERWRITING INCOME (NET)
	Gross premium insurance	5 955 932	4 911 603	4 587 349	1 178 332
	Reinsurance	(2 365 545)	(2 134 247)	(1 960 956)	(532 068)
	Net written premium	3 590 387	2 777 356	2 626 393	646 264
	Unearned premium	(306 297)	(290 340)	(673 696)	(124 902)
	Net earned premium	3 284 090	2 487 016	1 952 697	521 362
	Net commission(a)	(238 899)	71 120	(199 524)	16 805
	Net claims (b)	(1 479 153)	(1 137 682)	(1 094 871)	(274 703)
		1 566 038	1 420 454	658 302	263 464

Net Commissions

	Commission received	552 306	616 354	390 464	151 317
	Commission paid	(839 173)	(640 521)	(639 433)	(158 358)
	Deferred acquisition costs	47 968	95 287	49 445	23 846
			(238 899)	71 120	(199 524)	16 805
(b)	Net Claims
	Gross claims incurred	2 888 539	2 327 266	2 113 206	596 412
	Reinsurance claims	(1 820 219)	(1 469 072)	(1 285 951)	(383 582)
	Incurred but not yet reported claims	234 125	117 766	133 778	29 435
	Gross outstanding claims	120 824	1 513 444	10 965	342 773
	Reinsurance share of outstanding claims	55 884	(1 351 722)	122 873	(310 335)
			1 479 153	1 137 682	1 094 871	274 703
5	OPERATING EXPENDITURE
	Staff costs	62 032 777	34 835 547	45 389 173	8 311 324
	Administration expenses	21 161 681	20 633 122	16 024 658	5 025 092
	Audit fees	1 035 301	316 685	575 811	80 041
	Depreciation	2 664 253	2 170 680	1 386 363	312 928
	Write off of property and equipment	32 028	16 401	73 711	947
	Write down of land inventory	-	313 743	-	12 658
	Amortisation of intangible assets	402 534	241 984	125 724	39 039
	Property cost of sales	530 347	241 471	422 311	21 454
	Write off intangible assets	-	1 966	-	323
	Write off of equities	2	-	1	-
	Write offs of right of use asset and lease liability	-	11 113	-	92

			87 858 923	58 782 712	63 997 752	13 803 898
	Remuneration of directors and key management personnel (included in staff costs)
	Fees for services as directors	1 182 173	321 687	650 942	72 519
	Pension and retirement benefits for past and present directors	360 693	183 351	198 609	41 333
	Salaries and other benefits	6 505 632	2 951 333	3 582 209	665 328
			8 048 498	3 456 371	4 431 760	779 180
	Short term employment benefits	7 687 805	3 273 020	4 233 151	737 847
	Post employment benefits	360 693	183 351	198 609	41 333

			8 048 498	3 456 371	4 431 760	779 180

6.1 The following constitutes the major components of income tax expense recognised in the Statement of Profit or Loss.

	Analysis of tax charge in respect of the profit for the year
	Current income tax charge	17 803 016	15 661 717	17 803 016	4 555 926
	Deferred income tax	3 681 228	(5 474 114)	(45 503)	(2 440 376)
	Income tax expense		21 484 244	10 187 603	17 757 513	2 115 550
6.2	Tax rate reconciliation	%	%	%	%
	Notional Tax	24.00	24.00	24.00	24.00
	Aids levy	0.72	0.72	0.72	0.72
	Non-Deductible expenditure	30.57	36.60	6.38	5.81
	Exempt income	(7.10)	(30.46)	(3.72)	(18.12)
	Tax credits	(6.98)	(0.38)	(4.07)	(0.22)
	Effect of rebasing tax bases	(0.48)	0.06	(3.77)	0.01
	Effect of special tax rate	(1.33)	(2.76)	(1.55)	(0.62)
	Effective tax rate		39.40	27.78	17.99	11.58
	Included in exempt income is income from government bills mortgage housing income and dividend income. Non- Deductible expenses	include
	expenditure on exempt income	excess pension costs and disallowable donations.

6.3 The following constitutes the major components of deferred income tax expense recognised in the Statement of Other Comprehensive

Income.

Revaluation of property and equipment	3 616 116	813 081	4 247 487	518 926
Unlisted equities	217 846	78 680	483 837	54 306
Total taxation relating to components of
other comprehensive income	3 833 962	891 761	4 731 324	573 232

7. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding at the end of the period.

Diluted earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the parent by sum of the weighted average number of ordinary shares outstanding at the end of the period and the weighted average number of potentially dilutive ordinary shares.

The following reflects the income and shareholding data used in the basic and diluted earnings per share computations:

Abridged Audited Inflation Adjusted Financial Results

For the year ended 31 December 2022

AUDITED

INFLATION ADJUSTED	RESTATED
31 DEC 2022	31 DEC 2021
ZWL$ 000	ZWL$ 000

UNAUDITED			AUDITED
HISTORICAL	HISTORICAL
	INFLATION ADJUSTED	RESTATED
31 DEC 2022	31 DEC 2021
	31 DEC 2022	31 DEC 2021
ZWL$ 000	ZWL$ 000
	ZWL$ 000	ZWL$ 000

UNAUDITED

HISTORICAL	HISTORICAL
31 DEC 2022	31 DEC 2021
ZWL$ 000	ZWL$ 000

7.1 Annualised earnings per share (ZWL cents)

Basic	6 331.63	5 075.78	15 510.63	3 096.43
Diluted basic	6 331.63	5 075.78	15 510.63	3 096.43
Headline	4 986.21	4 321.34	12 182.84	2 622.24

7.2 Earnings attributable to holders of parent

Basic	33 052 100	26 496 368	80 967 977	16 163 848
Diluted basic	33 052 100	26 496 368	80 967 977	16 163 848
Headline	26 028 832	22 558 061	63 596 377	13 688 488

7.3 Number of shares used in calculations

	Basic	522 016	522 016	522 016	522 016
	Diluted basic	522 016	522 016	522 016	522 016
	Headline	522 016	522 016	522 016	522 016
7.4	Headline Earnings
	Profit attributable to ordinary shareholders	33 052 100	26 496 368	80 967 977	16 163 848
	Adjusted to exclude re-measurements
	Write off & impairment of property and equipment	32 028	16 401	73 711	947
	Write off of right of use asset and lease liability	-	11 113	-	92
	Write off of intangible assets	-	1 966	-	323
	Write offs of equities	2	-	1	-
	Write down of land inventory	-	313 743	-	12 658
	Disposal gain on property and equipment	(13 046)	(6 105)	(13 280)	(1 869)
	Gain on investment properties valuation	(9 348 511)	(5 568 663)	(23 136 415)	(3 300 355)
	Tax relating to remeasurements	2 306 259	1 293 238	5 704 383	812 844
	Headline earnings	26 028 832	22 558 061	63 596 377	13 688 488
8.	DIVIDENDS
	Cash dividends on ordinary shares declared and paid:
	Interim dividend	-	1 840 834	-	506 339
	Final dividend	1 266 550	6 955 252	1 012 731	1 519 170
		1 266 550	8 796 086	1 012 731	2 025 509
	Interim paid per share (cents)	-	353.00	-	97.00
	Final dividend paid per share (cents)	242.63	1 334.00	194.00	291.02
	Dividends are paid on shares held at the record date net of treasury shares held on the same date.
	Proposed dividend on ordinary shares:
	Final	-	3 437 599	-	1 000 000
	Final dividend per share (cents)	-	658.52	-	191.57

Proposed dividends on ordinary shares are subject to approval and are not recognised as a liability as at 31 December 2022.

		AUDITED			UNAUDITED
		INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
		31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
		ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
9.	CASH AND CASH EQUIVALENTS

	Balances with local banks	3 436 482	22 430 157		3 436 482	6 524 949
	Cash and current accounts	38 260 435	36 434 491		38 260 435	10 598 820
	Balances with foreign banks	33 686 942	55 269 259		33 686 942	16 077 868
	Balances with the Reserve Bank of Zimbabwe	166 334 473	9 544 785		166 334 473	2 776 585
	RBZ Statutory reserve	21 359 252	12 322 791		21 359 252	3 584 709
		263 077 584	136 001 483		263 077 584	39 562 931

The cash and cash equivalents balance represent the Group's cash and cash equivalent balance. RBZ Statutory reserve balances relates to restricted liquid reserve determined in line with the RBZ Statutory reserve guidelines currently 5% for demand deposits and 2.5% for term deposits denominated in ZWL.

Included in cash and cash equivalents are the following balances that are reserved and restricted in nature and are not available for use by the Group:

9.1 Restricted cash and cash equivalents

	RBZ statutory reserve	21 359 252	11 830 241	21 359 252	3 441 426
	Amounts secured as guarantees or collateral	4 480 263	5 767 836	4 480 263	1 226 834
		25 839 515	17 598 077	25 839 515	4 668 260
10.	MONEY MARKET ASSETS
	Interbank placements	35 531 357	20 668 325	35 531 357	6 012 431
	RBZ Savings bonds	-	58 861 553	-	17 122 869
	Bankers acceptances	206 187	4 306 844	206 187	1 252 864
	Accrued interest	313 978	147 213	313 978	42 824
	Total gross money market assets	36 051 522	83 983 935	36 051 522	24 430 988
	Expected credit loss	(593 373)	(265 995)	(593 373)	(77 378)
	Total net money market assets	35 458 149	83 717 940	35 458 149	24 353 610
10.1	Maturity analysis
	The maturity analysis of money market assets is shown below.
	Between 0 and 3 months	15 001 450	65 058 102	15 001 450	18 925 449
	Between 3 and 6 months	10 596 872	18 917 608	10 596 872	5 503 146
	Between 6 and 12 months	10 453 200	-	10 453 200	-
	Above 12 months	-	8 225	-	2 393
		36 051 522	83 983 935	36 051 522	24 430 988

11.	FINANCIAL SECURITIES
	Treasury bills	48 430 506	3 294 683	48 430 506	958 426
	Savings bonds	53 384	-	53 384	-
	Accrued interest	1 227 264	70 471	1 227 264	20 500
	Total gross financial securities	49 711 154	3 365 154	49 711 154	978 926
	Expected credit loss	(77 563)	(49 532)	(77 563)	(14 409)
	Total net financial securities	49 633 591	3 315 622	49 633 591	964 517

11.1 Maturity analysis

The maturity analysis of financial securities is shown below:

	Between 0 and 3 months			48 763 070		34 747	48 763 070	10 108
	Between 3 and 6 months			-		157 212	-		45 733
	Between 1 and 5 years			202 766		510 882	202 766	148 616
	Above 5 years			745 318		2 662 313	745 318	774 469
				49 711 154		3 365 154	49 711 154	978 926
	Maturity analysis is based on the remaining period from 31 December 2022 to contractual maturity.
12.	LOANS AND ADVANCES TO CUSTOMERS
	Overdrafts			25 691 842		9 701 440	25 691 842	2 822 156
	Commercial loans			133 905 380		69 317 134	133 905 380	20 164 405
	Staff loans			7 342 093		6 471 070	7 342 093	1 882 439
	Mortgate advances			8 009 927		3 707 852	8 009 927	1 078 617
	Agro business loans			51 544 739		107 866 346	51 544 739	31 378 399
	Interest accrued			21 409 387		22 847 694	21 409 387	6 646 411
	Total gross loans and advances to customers		247 903 368		219 911 536	247 903 368	63 972 427
	Allowance for Expected Credit Loss (ECL)		(71 684 476)		(27 745 406)	(71 684 476)	(8 071 159)
	Total net advances			176 218 892		192 166 130	176 218 892	55 901 268
			AUDITED						UNAUDITED

		INFLATION
		ADJUSTED		RESTATED					HISTORICAL		HISTORICAL
		31 DEC 2022	%	31 DEC 2021	%				31 DEC 2022	%	31 DEC 2021	%
12.1	Sectoral analysis:	ZWL$ 000	ZWL$ 000				ZWL$ 000	ZWL$ 000



	Private	24 847 523	10	22 034 428	10			24 847 523	10	6 409 832	10
	Agriculture	88 610 417	36	111 180 927	51			88 610 417	36	32 342 613	51
	Mining	24 900 966	10	16 197 928	7			24 900 966	10	4 711 989	7
	Manufacturing	31 959 703	13	9 550 509	4			31 959 703	13	2 778 250	4
	Distribution	42 567 822	17	39 418 536	18			42 567 822	17	11 466 881	18
	Construction	3 178 265	1	413 375	-			3 178 265	1	120 251	-
	Transport	653 658	-	302 430	-			653 658	-	87 977	-
	Communication	6 509 099	3	-	-			6 509 099	3	-	-
	Services	24 328 105	10	19 264 689	9			24 328 105	10	5 604 112	9
	Financial organisations	347 810	-	1 548 714	1			347 810	-	450 522	1
		247 903 368	100	219 911 536	100			247 903 368	100	63 972 427	100

12.2	Maturity analysis
	Less than 1 month	736 484	17 937 253	736 484	5 217 960
	Between 1 and 3 months	7 356 015	13 327 306	7 356 015	3 876 923
	Between 3 and 6 months	45 160 277	28 463 043	45 160 277	8 279 920
	Between 6 months and 1 year	128 197 839	134 767 141	128 197 839	39 203 860
	Between 1 and 5 years	59 935 846	20 180 901	59 935 846	5 870 639
	More than 5 years	6 516 907	5 235 892	6 516 907	1 523 125
		247 903 368	219 911 536	247 903 368	63 972 427

Maturity analysis is based on the remaining period from 31 December 2022 to contractual maturity.

12.3	Loans to directors and key management
	Opening balance	2 147 372	1 218 780	624 672	220 574
	Advances made during the year	3 113 394	2 580 712	1 714 335	581 778
	Monetary adjustment	(2 830 773)	(863 951)	-	-
	Repayments during the year	(202 474)	(788 169)	(111 488)	(177 680)
	Closing balance	2 227 519	2 147 372	2 227 519	624 672
	Loans to employees
	Included in advances are loans to employees: -
	Opening balance	4 323 702	5 500 151	1 257 768	995 414
	Advances made during the year	7 772 242	2 951 684	4 279 645	665 407
	Monetary adjustment	(6 213 456)	(2 340 228)	-	-
	Repayments during the year	(767 911)	(1 787 905)	(422 836)	(403 053)
	Closing balance	5 114 577	4 323 702	5 114 577	1 257 768

12.4 Allowance for Expected Credit Loss (ECL)

Opening balance	27 745 406	6 424 587	8 071 159	1 162 716
Credit loss expense on loans and advances	69 896 367	23 794 292	69 896 367	6 921 777
Monetary adjustment	(19 674 247)	(2 416 103)	-	-
Amounts written off during the year	(6 283 050)	(57 370)	(6 283 050)	(13 334)
Closing balance	71 684 476	27 745 406	71 684 476	8 071 159

12.5 Collateral

	Government Guarantee	6 373 688	87 313 596	6 373 688	25 399 589
	Cash cover	1 004 641	339 009	1 004 641	98 618
	Registered Marketable Commodities	45 732 237	-	45 732 237	-
	Mortgage bonds	57 755 115	31 623 905	57 755 115	9 199 417
	Notarial general covering bonds	98 510 211	33 242 935	98 510 211	9 670 394
		209 375 892	152 519 445	209 375 892	44 368 018
13.	INSURANCE ASSETS
	Reinsurance unearned premium reserve	389 111	731 875	367 605	191 731
	Reinsurance receivables	515 620	1 718 311	515 620	499 858
	Deferred acquisition costs	239 164	288 683	160 207	73 617
	Insurance premium receivables	1 097 459	1 493 025	1 097 459	437 825
	Suspended premium	(15 715)	(25 088)	(15 715)	(7 298)
	Impairment provision	(151 589)	(115 847)	(151 589)	(33 700)
		2 074 050	4 090 959	1 973 587	1 162 033

13.1 Reinsurance unearned premium reserve

	Opening balance	731 875	1 089 760	191 731	197 223
	Written premiums	2 416 597	2 629 577	1 736 421	642 738
	Premiums earned during the year	(2 759 361)	(2 987 462)	(1 560 547)	(648 230)
	Closing balance	389 111	731 875	367 605	191 731
13.2	Impairment provision on insurance assets
	Opening balance	115 847	89 120	33 700	16 129
	Charge for impairment on insurance receivables	118 419	66 889	118 419	19 458
	Monetary adjustment	(82 147)	(33 675)	-	-
	Amounts written off during the year	(530)	(6 487)	(530)	(1 887)
	Closing balance	151 589	115 847	151 589	33 700

14. EXPECTED CREDIT LOSSES (ECL) ON FINANCIAL INSTRUMENTS AND CHARGE FOR IMPAIRMENT ON INSURANCE ASSETS

The table below shows the expected credit loss expense on financial instruments and charge for impairment on insurance assets for the period recorded in the Statement of Profit or Loss:

						INFLATION ADJUSTED

			Stage 1 ZWL$ 000		Stage 2 ZWL$ 000	Stage 3 ZWL$ 000	Total ZWL$ 000
			31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021


		Money market	515 995	223 083	-	-	-	-	515 995	223 083
		assets


		Financial securities	63 154	28 893	-	-	-	-	63 154	28 893

		Loans and
		advances to	8 288 070	612 367	2 598 261	2 803 431	59 010 036	20 378 495	69 896 367	23 794 293
		customers

		Financial	643	(705)	-	-	-	(165)	643	(870)
		guarantees


		Other	465 370	221 144	152 720	13 909	639 125	852 906	1 257 215	1 087 959
		commitments


		Lease receivables	422	(337)	22 694	5 232	24 568	83 433	47 684	88 328

			9 333 654	1 084 445	2 773 675	2 822 572	59 673 729	21 314 669	71 781 058	25 221 686

		Insurance assets	20 916	66 889	-	-	97 502	-	118 419	66 889
		impairment charge


		Total	9 354 570	1 151 334	2 773 675	2 822 572	59 771 231	21 314 669	71 899 477	25 288 575

						UNAUDITED HISTORICAL

			Stage 1 ZWL$ 000		Stage 2 ZWL$ 000	Stage 3 ZWL$ 000	Total ZWL$ 000
			31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021


		Money market	515 995	64 895	-	-	-	-	515 995	64 895
		assets


		Financial securities	63 154	8 405	-	-	-	-	63 154	8 405

		Loans and
		advances to	8 288 070	178 138	2 598 261	815 520	59 010 036	5 928 119	69 896 367	6 921 777
		customers

		Financial	643	(205)	-	-	-	(48)	643	(253)
		guarantees


		Other	465 370	64 331	152 720	4 046	639 125	248 111	1 257 215	316 488
		commitments

		Lease receivables	422	(98)	22 694	1 522	24 568	24 271	47 684	25 695

			9 333 654	315 466	2 773 675	821 088	59 673 729	6 200 453	71 781 058	7 337 007

		Insurance assets	20 916	19 458	-	-	97 502	-	118 419	19 458
		impairment charge


		Total	9 354 570	334 924	2 773 675	821 088	59 771 231	6 200 453	71 899 477	7 356 465
							AUDITED				UNAUDITED
						INFLATION ADJUSTED	RESTATED		HISTORICAL	HISTORICAL
							31 DEC 2022	31 DEC 2021		31 DEC 2022	31 DEC 2021
							ZWL$ 000	ZWL$ 000			ZWL$ 000	ZWL$ 000
15.	OTHER ASSETS

		Prepayments and deposits				15 444 286	9 770 415	10 694 398	2 342 529
		Other receivables					267 981 031	119 884 810	267 981 031	34 874 579
							283 425 317	129 655 225	278 675 429	37 217 108

Included in other receivables is an amount of ZWL$105 680 795 658 (2021: ZWL$59 381 440 929) which relates to the RBZ financial asset in lieu of legacy debt registration. RBZ committed to provide foreign currency to the Group for all registered legacy liabilities and nostro gap accounts at an exchange rate of US$1:ZWL$1.The criterion for legacy debt expected credit losses were determined in line with other financial assets held at amortised cost.

Also included in other receivables is a government guarantee receivable amounting to ZWL$149.90 billion (2021:ZWL$11.98 billion). These are accounted for at amortised cost in line with the relevant Group Accounting policy on financial assets.

The RBZ financial asset is denominated in US Dollars and has been translated to ZWL$ using the closing exchange rate in line with the treatment of monetary assets denominated in foreign currencies prescribed in IAS 21.

Abridged Audited Inflation Adjusted Financial Results

For the year ended 31 December 2022

			AUDITED			UNAUDITED
			INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
			31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
			ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

16.	LAND INVENTORY
	Opening balance	20 459 426	20 460 567		552 094	470 639
	Additions	1 783 390	631 133		1 517 510	135 868
	Disposals	(1 441 448)	(318 531)		(412 091)	(41 755)
	Write down	-	(313 743)		-	(12 658)
	Closing balance	20 801 368	20 459 426		1 657 513	552 094
17	EQUITY INVESTMENTS
	Opening balance	18 638 795	12 589 394		5 422 039	2 493 781
	Additions	1 569 640	1 321 829		820 408	347 276
	Disposals	(1 401 148)	(355 245)		(867 965)	(75 513)
	Write offs	(2)	-		(1)	-
	Fair value adjustments - Profit or loss	(5 826 316)	3 566 983		2 204 496	1 561 872
	Fair value adjustments - Other comprehensive income	4 354 048	1 515 834		9 756 040	1 094 623
			17 335 017	18 638 795		17 335 017	5 422 039

17.1 Investments in Equities

	Listed investments			5 151 866	7 621 490	5 151 866	2 217 097
	Unlisted investments		12 183 151	11 017 305	12	183 151	3 204 942
	Equity investment designated at fair value through	17 335 017	18 638 795	17 335 017	5 422 039

	other comprehensive income		12 183 151	11 017 305	12	183 151	3 204 942
	Equity investment designated at fair value through profit or loss		5 151 866	7 621 490	5 151 866	2 217 097
			17 335 017	18 638 795	17 335 017	5 422 039
			AUDITED						UNAUDITED

		INFLATION
		ADJUSTED		RESTATED						HISTORICAL		HISTORICAL
		31 DEC 2022	%	31 DEC 2021	%					31 DEC 2022	%	31 DEC 2021	%
		ZWL$ 000	ZWL$ 000					ZWL$ 000	ZWL$ 000
17.2	Investment in subsidiaries

	CBZ Bank Limited	3 362 508	100	3 362 508	100					21 840	100	21 840	100
	CBZ Asset Management (Private) Limited	306 070	100	306 070	100					1 988	100	1 988	100
	CBZ Building Society	-	100	-	100					-	100	-	100
	CBZ Insurance (Private) Limited	654 196	98.4	654 196	98.4					23 615	98.4	23 615	98.4
	CBZ Properties (Private) Limited	963 276	100	735 808	100					226 867	100	4 779	100
	CBZ Life Assurance (Private) Limited	213 698	100	213 698	100					1 388	100	1 388	100
	CBZ Asset Management Mauritius	2 251 861	100	13 685	100					691 550	100	89	100
	CBZ Risk Advisory Services (Private) Limited	207 091	100	207 091	100					1 345	100	1 345	100
	Red Sphere Finance (Private) Limted	1 511 753	100	1 511 753	100					250 520	100	250 520	100
	CBZ Agro Yield (Private) Limited	33 933	100	33 933	100					1 000	100	1 000	100
	CBZ South Africa Private Limited	94 436	100	-	-					88 499	100	-	-
		9 598 822		7 038 742						1 308 612		306 564

During the year, the Group merged two of its wholly owned subsidiaries, CBZ Bank and CBZ Building Society, "The Merger" through the transfer of all the assets and liabilities of CBZ Building Society to CBZ Bank, close and cancel the licence of CBZ Building Society. The Merger qualifies as a business combination under common control as both CBZ Bank and CBZ Building Society were wholly owned subsidiaries of CBZ Holdings. This was accounted for by applying the book value method at Group level.

18. CATEGORIES OF FINANCIAL ASSETS

	At fair value	At fair value		Total
	through	through	At amortised	carrying
	profit or loss	OCI	cost	amount
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

		AUDITED INFLATION ADJUSTED
31 December 2022
Balances with banks and cash	-	-	263 077 584	263 077 584
Money market assets	-	-	35 458 149	35 458 149
Financial securities	-	-	49 633 591	49 633 591
Loans and advances to customers	-	-	176 218 892	176 218 892
Equity investments	5 151 866	12 183 151	-	17 335 017
Other assets	-	-	267 981 031	267 981 031
TOTAL ASSETS	5 151 866	12 183 151	792 369 247	809 704 264
Restated
31 December 2021
Balances with banks and cash	-	-	136 001 483	136 001 483
Money market assets	-	-	83 717 940	83 717 940
Financial securities	-	-	3 315 622	3 315 622
Loans and advances to customers	-	-	192 166 130	192 166 130
Equity investments	11 017 305	7 621 490	-	18 638 795
Other assets	-	-	119 884 810	119 884 810
TOTAL ASSETS	11 017 305	7 621 490	535 085 985	553 724 780
	At fair value	At fair value		Total
	through	through	At amortised	carrying
	profit or loss	OCI	cost	amount
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
31 December 2022		UNAUDITED HISTORICAL

Balances with banks and cash	-	-	263 077 584	263 077 584
Money market assets	-	-	35 458 149	35 458 149
Financial securities	-	-	49 633 591	49 633 591
Loans and advances to customers	-	-	176 218 892	176 218 892
Equity investments	5 151 866	12 183 151	-	17 335 017
Other assets	-	-	267 981 031	267 981 031
TOTAL ASSETS	5 151 866	12 183 151	792 369 247	809 704 264
Restated 31 December 2021
Balances with banks and cash	-	-	39 562 931	39 562 931
Money market assets	-	-	24 353 610	24 353 610
Financial securities	-	-	964 517	964 517
Loans and advances to customers	-	-	55 901 268	55 901 268
Equity investments	3 204 942	2 217 097	-	5 422 039
Other assets	-	-	34 874 579	34 874 579
TOTAL ASSETS	3 204 942	2 217 097	155 656 905	161 078 944

19. FAIR VALUE MEASUREMENT

19.1 The following table presents items of the Statement of Financial Position which are recognised at fair value:

INFLATION ADJUSTED

Level 1	Level 2	Level 3	Total carrying amount
31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021

There were no transfers between Level 1 and Level 2 during 2022.

The fair values of the non-listed equities have been classified as level three investments.

The fair values were derived using a combination of income and market approaches depending on the appropriateness of the methodologies to the type of equity instruments held. The valuation took into account certain assumptions about the model inputs, including but not limited to liquidity discounts, country or jurisdication factors, inflation, credit risk and volatility. A range of probabilities was also applied to these inputs and the fair values derived therefrom were deemed to be within acceptable fair values ranges of the equities.

The following table shows the valuation techniques used in measuring the fair value of unquoted equities as well as the significant unobservable inputs used.

Valuation Technique	Significant unobservable inputs	Interrelationship between key unobservable inputs and fair value
measurement

Earnings Multiple	•	Jurisdiction/country and size discount	The fair values would increase/ decrease if :
	(10-20%)	•	The jurisdiction/country and size discount was higher or lower

Discounted	•	Inflation shock adjusted return (1.5%)	The fair values would increase/ decrease if :
•	The Inflation shock adjusted return was higher/lower
Cash Flow Technique	•	Discount rate (10-15%)
•	The discount rate was lower / higher

If the jurisdiction or country discount had been at 15% or 20%, the decline in other comprehensive income would be ZWL$591,441 or ZWL$ 1,182,883 respectively.

20. PROPERTY AND EQUIPMENT

AUDITED INFLATION ADJUSTED

			Leasehold	Motor			Furniture &	Work in
	Land	Buildings	improvements	vehicles	Computers	Equipment	Fittings	progress	Total
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
31 December 2022
COST
Opening balance	2 842 794	20 685 793	314 231	1 188 702	7 555 242	2 491 292	1 576 421	2 274 130	38 928 605
Additions	-	159 837	27 231	353 296	2 703 143	556 838	478 586	3 416 957	7 695 888
Revaluation gain	1 188 434	6 480 422	-	-	-	-	-	-	7 668 856
Impairments	-	-	(22 867)	-	-	-	-	-	(22 867)
Disposals	-	-	-	-	(11 520)	(898)	(435)	-	(12 853)
Write offs	-	(668)	-	-	(14 662)	(39 583)	(1 957)	-	(56 870)
Intercategory transfers	-	-	-	56 478	-	-	-	(56 478)	-
Closing balance	4 031 228	27 325 384	318 595	1 598 476	10 232 203	3 007 649	2 052 615	5 634 609	54 200 759
Accumulated depreciation
Opening balance	-	455 321	146 328	914 010	3 553 265	1 733 829	812 449	-	7 615 202
Charge for the year	-	1 835 064	29 088	205 478	391 542	134 993	68 088	-	2 664 253
Disposals	-	-	-	-	(6 454)	(809)	(304)	-	(7 567)
Write offs	-	(27)	-	(183)	(8 743)	(38 705)	(51)	-	(47 709)
Revaluation	-	(1 557 081)	-	-	-	-	-	-	(1 557 081)
Closing balance	-	733 277	175 416	1 119 305	3 929 610	1 829 308	880 182	-	8 667 098
Net Book Value	4 031 228	26 592 107	143 179	479 171	6 302 593	1 178 341	1 172 433	5 634 609	45 533 661
Restated
31 December 2021
COST
Opening balance	2 216 464	17 040 022	303 406	1 097 306	6 238 224	2 197 636	1 424 874	2 591 654	33 109 586
Additions	-	365 989	-	85 521	1 051 434	258 906	113 544	313 533	2 188 927
Revaluation gain	626 330	3 318 793	-	-	-	-	-	-	3 945 123
Disposals	-	-	-	-	(1 358)	(38)	(244)	(250 117)	(251 757)
Write offs	-	(44 984)	-	-	(16 626)	(217)	(1 447)	-	(63 274)
Intercategory transfers	-	5 973	10 825	5 875	283 568	35 005	39 694	(380 940)	-
Closing balance	2 842 794	20 685 793	314 231	1 188 702	7 555 242	2 491 292	1 576 421	2 274 130	38 928 605
Accumulated depreciation
Opening balance	-	168 642	127 834	870 462	3 077 830	1 597 930	782 504	-	6 625 202
Charge for the year	-	1 464 535	18 494	43 548	477 947	135 950	30 206	-	2 170 680
Disposals	-	-	-	-	(705)	(34)	(196)	-	(935)
Write offs	-	(8 516)	-	-	(1 807)	(17)	(65)	-	(10 405)
Revaluation	-	(1 169 340)	-	-	-	-	-	-	(1 169 340)
Closing balance	-	455 321	146 328	914 010	3 553 265	1 733 829	812 449	-	7 615 202
Net Book Value	2 842 794	20 230 472	167 903	274 692	4 001 977	757 463	763 972	2 274 130	31 313 403

UNAUDITED HISTORICAL

			Leasehold	Motor			Furniture &	Work in
	Land	Buildings	improvements	vehicles	Computers	Equipment	Fittings	progress	Total
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
31 December 2022
COST
Opening balance	826 968	5 848 152	36 987	33 185	569 985	98 331	55 799	104 044	7 573 451
Additions	-	149 085	26 519	328 720	2 572 230	520 422	443 303	2 636 777	6 677 056
Revaluation gain	3 204 255	20 653 219	-	-	-	-	-	-	23 857 474
Impairments	-	-	(22 869)	-	-	-	-	-	(22 869)
Disposals	-	-	-	-	(2 304)	(261)	(126)	-	(2 691)
Write offs	-	(668)	-	(59)	(4 344)	(39 583)	(587)	(19 769)	(65 010)
Intercategory transfers	-	-	-	16 429	-	-	717	(17 146)	-
Closing balance	4 031 223	26 649 788	40 637	378 275	3 135 567	578 909	499 106	2 703 906	38 017 411
Accumulated depreciation
Opening balance	-	29 089	1 996	10 202	97 824	28 977	9 372	-	177 460
Charge for the year	-	1 181 459	1 493	42 514	118 035	25 819	17 043	-	1 386 363
Disposals	-	-	-	-	(1 435)	(235)	(88)	-	(1 758)
Write offs	-	(27)	-	(53)	(2 456)	(11 601)	(31)	-	(14 168)
Revaluation	-	(1 124 159)	-	-	-	-	-	-	(1 124 159)
Closing balance	-	86 362	3 489	52 663	211 968	42 960	26 296	-	423 738
Net Book Value	4 031 223	26 563 426	37 148	325 612	2 923 599	535 949	472 810	2 703 906	37 593 673
31 December 2021
COST
Opening balance	401 133	2 976 150	34 622	12 508	251 828	23 299	17 671	150 360	3 867 571
Additions	-	95 452	-	19 473	265 515	68 370	29 578	74 155	552 543
Revaluation surplus	425 835	2 781 077	-	-	-	-	-	-	3 206 912
Disposals	-	-	-	-	(199)	(9)	(53)	-	(261)
Transfers to intangible assets	-	-	-	-	-	-	-	(46 156)	(46 156)
Write offs	-	(5 832)	-	-	(1 251)	(8)	(67)	-	(7 158)
Intercategory transfers	-	1 305	2 365	1 204	54 092	6 679	8 670	(74 315)	-
Closing balance	826 968	5 848 152	36 987	33 185	569 985	98 331	55 799	104 044	7 573 451
Accumulated depreciation
Opening balance	-	12 109	1 169	6 652	39 331	12 055	6 062	-	77 378
Charge for the year	-	229 287	827	3 550	58 962	16 933	3 369	-	312 928
Disposals	-	-	-	-	(106)	(8)	(46)	-	(160)
Write offs	-	(902)	-	-	(363)	(3)	(13)	-	(1 281)
Revaluation	-	(211 405)	-	-	-	-	-	-	(211 405)
Closing balance	-	29 089	1 996	10 202	97 824	28 977	9 372	-	177 460
Net Book Value	826 968	5 819 063	34 991	22 983	472 161	69 354	46 427	104 044	7 395 991

	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
Equity investments	5 151 866	11 017 305	-	-	12 183 151	7 621 490	17 335 017	18 638 795

Land and buildings	-	-	30 483 161	22 757 488	-	-	30 483 161	22 757 488

Investment properties	-	-	28 591 973	21 209 840	-	-	28 591 973	21 209 840

Total assets at fair	5 151 866	11 017 305	59 075 134	43 967 328	12 183 151	7 621 490	76 410 151	62 606 123
value

Level 2 valuation techniques are highlighted on note 20 for Property and Equipment and note 21 for Investment properties.

UNAUDITED HISTORICAL

	Level 1	Level 2	Level 3	Total carrying amount
	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021	31 DEC 2022	31 DEC 2021
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
Equity investments	5 151 866	3 204 942	-	-	12 183 151	2 217 097	17 335 017	5 422 039

Land and buildings	-	-	30 483 161	6 620 170	-	-	30 483 161	6 620 170

Investment properties	-	-	28 591 973	6 169 958	-	-	28 591 973	6 169 958

Total assets at fair	5 151 866	3 204 942	59 075 134	12 790 128	12 183 151	2 217 097	76 410 151	18 212 167
value

The carrying amount of the land and buildings is the fair value of the property as determined by a registered internal appraiser having, an appropriate recognised professional qualification and recent experience in the location and category of the property being valued. The valuation was in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation Manual and the Real Estate Institute of Zimbabwe Standards

In determining the market values of the subject properties, the following was considered:

Comparable market evidence which comprised complete transactions as well as transactions where offers had been made but the transactions had not been finalised,
Professional judgement was exercised to take cognisance of the fact that properties in the transaction were not exactly comparable in terms of size, quality and location to the properties owned by the group.
The reasonableness of the market values of commercial properties so determined, per above bullet, was assessed by reference to the properties in the transaction.
The values per square metre of lettable spaces for both the subject properties and comparables were analysed.
With regards to market values for residential properties, the comparison method was used. This method entails carrying out a valuation by directly comparing the subject property, which have been sold or rented out. The

procedure was performed as follows:

i. Surveys and data collection on similar past transactions. ii. Analysis of collected data.

Comparison of the analysis with the subject properties and then carrying out the valuation of the subject properties. Adjustments were made to the following aspects:
1. Age of property - state of repair and maintenance,
2. Aesthetic quality - quality of fixtures and fittings,
3. Structural condition - location,
4. Accommodation offered - size of land.

Land is not depreciated and the maximum useful lives of other classes of property plant and equipment are as follows:

Buildings	40 years
Motor vehicles	3-5 years
Leasehold improvements	10 years
Computer and equipment	5 years
Furniture and fittings	10 years

The carrying amount of buildings would have been ZWL$6,642,885,986 (December 2021: ZWL$ 6,693,672,308) had they been carried at cost. Property and equipment was tested for impairment through comparison with open market values.

If the fair value adjustment had been 5% up or down, the Group's other Comprehensive Income would have been ZWL$ 347,264,269 (31 December 2021: ZWL$ 192,508,378 ) higher or lower than the reported position

Included in property and equipment are amounts relating to Right of use assets for buildings that are leased by the Group for periods more than one year. The buildings are used by the Group for its various branches and operations.

The information about the leases for which the Group is a lessee is presented on note 20.1a to 20.1e .

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CBZ Holdings Ltd. published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 12:46:07 UTC.

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