CBZ : 2022 HY Results & Audit Review

September 02, 2022 at 06:26 am EDT

Reviewed Inflation Adjusted

FinancialResults

For the halfReviewedyear nded 30 June 2022 Inflation Adjusted

Financial Results

For the half year ended 30 June 2022

Chairman's Statement		Statement of Directors' Responsibilities

Introduction

I am pleased to present an update on the financial and strategic performance of CBZ Holdings Limited and its subsidiaries for the half year

ended 30 June 2022.

Operating Environment

The half-year period saw the relaxation of the bulk of COVID-19 induced restrictions, allowing the corporate world to slowly transition to a post-crisis mode whilst the subsequent reopening of borders and airspaces, resulted in a noticeable recovery in the tourism, hospitality, and aviation sectors.

In Zimbabwe, provisional figures indicate that tourist arrivals more than doubled during the first five months of 2022, compared to the same period of 2021. Destinations such as Victoria Falls further benefitted through hosting business conferences and major sporting events, which also boosted activity across the value chains. Furthermore, activity in the mining sector remained fairly active, buoyed by ongoing investments in new operations in the lithium, iron & steel and gas subsectors, as well as resuscitation and expansion of existing mines. Additionally, government driven infrastructure projects, among them roads, dams and airports construction projects, continued in earnest, supported by the Government's public sector investments programs. although these continued to crowd-in the private sector thereby widening business opportunities for the financial services and relate sectors, the period was characterized with an increase in downside risks.

However, the period was also characterised with an increase in downside risks. These included external factors such as rising global inflation and interest rates and firming prices of key raw materials such as fuel, fertilisers and agricultural commodities, which translated into higher domestic production costs, and thus, rising inflationary pressures. Internal factors such as adverse expectations, currency depreciation and general uncertainties also inhibited economic activity during the period under review.

In spite of these adverse macroeconomic conditions, the Group continued to deliver on its value proposition and commitment to its various stakeholders.

Environmental, Social & Governance

Sustainability has become an integral part of our operations as a Group. This is largely borne out of need to responsibly generate a good return for shareholders and all our stakeholders. CBZ Holdings is dedicated to promoting economic growth and human development that is both sustainable and inclusive, as well as ensuring that our business operations have beneficial effects on society, the environment, and the bottom line. For us, embracing Sustainability and ESG concepts as value drivers has shown us that we are socially responsible partners who consider not just our own interests but those of the society in which we operate. To achieve a net beneficial effect, we make intentional and deliberate trade-offs.

In order to have the greatest possible positive effect, we will keep working to improve our knowledge of our environmental and social implications. Currently, the Group is analyzing and reorganizing its governance structures and procedures in order to ensure that they are in line with worldwide best practices for ESG risk management. In order to better identify and manage our portfolio exposure to climate-risk, we are implementing systems throughout the Group and working towards standardizing our reporting.

Share Price Performance

Activity on the capital markets remained fairly strong, with the introduction of Exchange Traded Funds "ETFs" widening the investment options and opportunities on the Zimbabwe Stock Exchange. The CBZH share price rose by 110.4% from ZW$8,032 at the beginning of the year to close the first half of the year at ZW$16,900. Meanwhile, the ZSE benchmark index registered a 79.98% growth. CBZH ended the half year with a market capitalisation of ZW$88.3 billion. The graph below shows the movements in the CBZH share price and the benchmark industrial index from December 2021 to June 2022.

		CBZ Holdings Limited Share Price & ZSE All Share Trend-2022
	20,000						35,000
	19,000
	18,000						30,000
	17,000
CBZH Share Price (cents)	16,000
15,000						25,000	ZSE All Share Index
14,000

13,000
12,000						20,000
11,000

10,000
9,000						15,000
8,000

7,000
6,000						10,000
5,000
4,000

	3,000						5,000
	2,000
	1,000
	0						0
	30-Dec-21	30-Jan-22	28-Feb-22	31-Mar-22	30-Apr-22	31-May-22	30-Jun-22
			CBZH Share Price	ZSE All Share Index

Overview of the Group's performance

The table below summarises the Group's financial performance for the half year ended 30 June 2022.

	REVIEWED	UNAUDITED	AUDITED		UNAUDITED

	INFLATION ADJUSTED	HISTORICAL	HISTORICAL	INFLATION		HISTORICAL
	ADJUSTED


	30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021	31 DEC 2021		31 DEC 2021
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000		ZWL$ 000


Key Financial Highlights

Profit after taxation	17 452.1	7 072.6	37 884.0	3 837.6	16 872.0	16 164.2

Total comprehensive income	23 286.2	5 944.1	52 725.9	4 131.6	20 706.7	20 101.6

Total assets	462 255.9	425 878.5	441 899.1	137 502.0	416 605.7	182 570.9

Total equity	102 646.1	63 521.9	83 436.2	13 676.6	78 359.9	29 710.3

Total deposits	288 680.3	291 808.7	288 680.3	100 084.4	287 600.9	131 374.1

Total advances	182 893.6	144 309.5	182 893.6	49 495.2	122 377.6	55 901.3

Other statistics

Basic earnings per share	6 686.59	2 709.78	14 514.08	1 470.16	3 232.43	3 096.43
(cents)


Non-interest income to total	77.6	80.0	85.3	81.3	54.3	55.7
income (%)


Cost to income ratio (%)	27.5	46.1	20.9	42.0	40.2	34.8

Return on assets (%)	13.6	6.6	32.0	9.1	6.2	11.9

Return on equity (%)	35.2	22.5	100.3	62.0	24.0	79.3

Growth in deposits (YTD %)	0.4	27.2	119.7	53.5	25.4	101.5

Growth in advances (YTD %)	49.5	39.3	227.2	68.1	18.1	89.9

Growth in PAT (YOY %)	146.8	(35.5)	887.2	9.9	(5.5)	170.6

Outlook

Going forward, sectors such as mining and construction are expected to remain fairly strong and resilient, whilst recovery in the tourism and aviation sectors may be further catapulted by pent-up demand as tourists travel far and stay longer. The Group will continue to closely monitor these developments in order to better meet the expectations of its customers, employees, shareholders and all stakeholders.

The anticipated introduction of an investment instrument to assist holders to store value in gold coins, announced by the RBZ on June 24, 2022, is an opportunity we will actively participate in as a financial institution. The Central Bank also put in place additional measures to curb inflation and stabilize the economy. We remain optimistic that these steps will help keep the deteriorating economic situation in check and provide the much needed relief.

Appreciation

Our valued clients remain the core of our success and we highly appreciate their continued partnerships with us. I would like to thank fellow Directors of the Board, the Boards of Subsidiary Companies, Management and Staff for their strong commitment to the CBZ brand and their desire to participate in the growth of the country's economy.

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

Marc Holtzman

Group Chairman

31 August 2022

The Directors are responsible for the oversight of Group's interim condensed consolidated financial statements preparation, to ensure that the statements comply with the Companies and Other Business Entities Act (Chapter 24:31) and International Financial Reporting Standards (IFRS). The Directors 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 interim condensed consolidated 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 interim condensed consolidated financial statements, the Directors are required to:

state whether they have been prepared in accordance with IAS 34
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 IFRS and local legislation

24.20 and the Zimbabwe Stock Exchange (ZSE) Listing Rules 2019.

The interim condensed consolidated 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 a review opinion on this historic 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 interim condensed consolidated financial statements on a going concern basis is 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 interim condensed consolidated financial statements. These interim condensed consolidated 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. GUMBO	DR . B. MUDAVANHU
GROUP CFO	GROUP CEO
31 August 2022	31 August 2022

Auditor's Statement

The interim condensed consolidated inflation adjusted financial results of CBZ Holdings Limited, and its subsidiaries and the interim condensed inflation adjusted financial results for CBZ Bank Limited for the half year financial period ended 30 June 2022, have been reviewed by Messrs KPMG Chartered Accountants (Zimbabwe). An unmodified review conclusion has been expressed for both CBZ Holdings Limited and CBZ Bank Limited.

The auditor's review conclusion is available for inspection at the Company's registered office. The engagement partner responsible for this review is Themba Mudidi (PAAB Practicing Certificate Number 0437).

The interim condensed inflation adjusted financial results for CBZ Life Limited ("CBZ Life"), CBZ Insurance (Private) Limited ("CBZ Life") and CBZ Asset Management (Private) Limited t/a Datvest ("Datvest"), for the half year ended 30 June 2022 have not been audited or reviewed by Messrs KPMG Chartered Accountants (Zimbabwe).

	DIRECTORS: Mr. M. L. Holtzman (Chairman) \| Mrs. R. L Gaskin Gain \| Mr. E. U Mashingaidze \| Mr.L. C. Gerken \|
1	Mr. E. E. Galante \| Dr. B. Mudavanhu * \| Mr. T.L. Gumbo * \| *EXECUTIVE

Reviewed Inflation Adjusted Financial Results

For the half year ended 30 June 2022

Consolidated Statement of

Profit or Loss andOther Comprehensive Income

For the half year ended 30 June 2022

			REVIEWED			UNAUDITED

			INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
			30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021
			ZWL$ 000	ZWL$ 000		ZWL$ 000	ZWL$ 000

NOTES
Interest income	2		22 389 401		11 622 857		14 398 892	3 760 864
Interest expense	2		(1 883 524)		(5 668 184)		(1 107 124)	(1 807 263)
Net interest income			20 505 877		5 954 673		13 291 768	1 953 601
Non-interest income	3		73 090 093		26 243 607		78 895 621	9 276 171
Net underwriting income	4		612 777		612 675		261 946	183 359
Total income			94 208 747		32 810 955		92 449 335	11 413 131
Operating expenditure	5		(25 887 031)		(15 115 214)		(19 277 869)	(4 798 928)
Operating income			68 321 716		17 695 741		73 171 466	6 614 203
Transfer to reserves			(528 456)		(186 994)		(343 001)	(64 135)
Credit loss expense	14		(22 857 913)		(4 149 516)		(22 857 913)	(1 423 199)
Charge for impairment on insurance assets	14		(81 433)		(20 226)		(81 433)	(6 937)
Monetary loss			(14 923 209)		(897 517)		-	-
Profit before taxation			29 930 705		12 441 488		49 889 119	5 119 932
Taxation	6.1		(12 478 586)		(5 368 916)		(12 005 136)	(1 282 308)
Profit after tax for the period			17 452 119		7 072 572		37 883 983	3 837 624
Other comprehensive income
Items that will not be reclassified to profit or loss
Gains/ (Losses) on property revaluations			6 815 096		(1 292 269)		14 472 595	166 129
Gains/(Losses) on equity instruments at FVOCI			64 121		(76 007)		2 703 980	188 121
Deferred income tax relating to components of
other comprehensive income	6.3		(1 103 973)		131 783		(2 393 512)	(49 245)
			5 775 244		(1 236 493)		14 783 063	305 005
Items that are or may be reclassified subsequently to profit	or loss
Exchange gains/ (losses) on translation of foreign subsidiary	30.7		58 870		108 021		58 870	(11 014)
Other comprehensive income for the period net of tax
5 834 114		(1 128 472)		14 841 933	293 991
Total comprehensive income for the period
		23 286 233		5 944 100		52 725 916	4 131 615
Profit for the period attributable to:
Equity holders of parent			17 452 546		7 072 747		37 882 904	3 837 231
Non-controlling interests	30.5		(427)		(175)		1 079	393
			17 452 119		7 072 572		37 883 983	3 837 624
Total comprehensive income for the period attributable to:
Equity holders of parent			23 282 881		5 944 566		52 717 057	4 131 146
Non-controlling interests	30.5		3 352		(466)		8 859	469
Total comprehensive income for the period			23 286 233		5 944 100		52 725 916	4 131 615
Earnings per share (cents)
Basic	7.1		6 686.59		2 709.78		14 514.08	1 470.16
Fully Diluted	7.1		6 686.59		2 709.78		14 514.08	1 470.16
Headline	7.1		2 426.90		3 140.90		10 671.57	1 431.25

Consolidated Statement of Changes in Equity

For the half year ended 30 June 2022

REVIEWED 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
30 JUNE 2021
Opening balance	589 053	3 599 675	-	-	1 173 078	1 725 123	8 299 106	46 611 388	61 997 423	9 712	62 007 135
Profit for the period	-	-	-	-	-	-	-	7 072 747	7 072 747	(175)	7 072 572
Other comprehensive
income for the period	-	-	-	-	(1 163 435)	(72 767)	108 021	-	(1 128 181)	(291)	(1 128 472)
Dividend paid	-	-	-	-	-	-	-	(4,429,331)	(4,429,331)	-	(4,429,331)
Inter-category transfer	-	-	-	-	7 145 788	874 385	(8 020 173)	-	-	-	-
Closing balance	589 053	3 599 675	-	-	7 155 431	2 526 741	386 954	49 254 804	63 512 658	9 246	63 521 904
30 JUNE 2022
Opening balance	589 053	3 599 675	-	1 247 722	11 055 998	3 515 205	459 179	57 883 501	78 350 333	9 573	78 359 906
Profit for the period	-	-	-	-	-	-	-	17 452 546	17 452 546	(427)	17 452 119
Other comprehensive
income for the period	-	-	-	-	5 707 514	63 951	58 870	-	5 830 335	3 779	5 834 114
Shares issued
during the period	-	-	1 000 000	-	-	-	-	-	1 000 000	-	1 000 000
Closing balance	589 053	3 599 675	1 000 000	1 247 722	16 763 512	3 579 156	518 049	75 336 047	102 633 214	12 925	102 646 139

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

30 JUNE 2021
Opening balance	5 220	33 876	-	-	2 810 911	913 712	171 378	7 126 176	11 061 273	2 907	11 064 180
Profit for the period	-	-	-	-	-	-	-	3 837 231	3 837 231	393	3 837 624
Other comprehensive
income for the period	-	-	-	-	126 043	178 886	(11 014)	-	293 915	76	293 991
Dividend paid	-	-	-	-	-	-	-	(1 519 170)	(1 519 170)	-	(1 519 170)
Inter-category transfer	-	-	-	-	82 066	10 042	(92 108)	-	-	-	-

Closing balance	5 220	33 876	-	-	3 019 020	1 102 640	68 256	9 444 237	13 673 249	3 376	13 676 625
30 JUNE 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 period	-	-	-	-	-	-	-	37 882 904	37 882 904	1 079	37 883 983
Other comprehensive
income for the period	-	-	-	-	12 207 700	2 567 583	58 870	-	14 834 153	7 780	14 841 933
Shares issued
during the period	-	-	1 000 000	-	-	-	-	-	1 000 000	-	1 000 000
Closing balance	5 220	33 876	1 000 000	569 951	17 998 410	4 531 593	135 899	59 147 419	83 422 368	13 816	83 436 184

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

Consolidated Statement of Financial Position

As at 30 June 2022

			REVIEWED		AUDITED		UNAUDITED

			INFLATION ADJUSTED		RESTATED		HISTORICAL	HISTORICAL
			30 JUNE 2022		31 DEC 2021		30 JUNE 2022	31 DEC 2021
			ZWL$ 000		ZWL$ 000		ZWL$ 000	ZWL$ 000

	NOTES
Cash & cash equivalents	9		100 970 755	86 610 150			100 970 755	39 562 931
Money market assets	10		12 589 056	53 314 296			12 589 056	24 353 610
Financial securities	11		894 879	2 111 496			894 879	964 517
Loans and advances to customers	12		182 893 601	122 377 616			182 893 601	55 901 268
Insurance assets	13		1 523 633	2 605 255			1 375 684	1 162 033
Equity investments	17		11 487 130	11 869 788			11 487 130	5 422 039
Land inventory	16		12 607 620	13 029 225			786 249	552 094
Other assets	15		83 971 544	82 568 648			79 749 199	37 217 108
Current tax receivable			36 988	81 407			36 988	37 186
Intangible assets	22		580 123	665 810			171 999	213 757
Property and equipment	20		27 278 706	19 941 387			22 494 057	7 395 991
Investment properties	21		19 221 361	13 507 113			19 221 361	6 169 958
Deferred tax asset	23.1		8 200 460	7 923 552			9 228 174	3 618 424
TOTAL ASSETS			462 255 856	416 605 743			441 899 132	182 570 916
LIABILITIES
Deposits	24		288 680 252	287 600 886			288 680 252	131 374 141
Insurance liabilities	25		1 504 515	2 124 587			1 286 501	930 419
Other liabilities	26		45 750 224	35 675 103			45 724 494	15 963 342
Current tax payable			2 520 562	1 143 979			2 520 562	522 562
Life fund	27.1		774 724	870 851			774 724	397 799
Investment contract liabilities	28.1		155 504	136 915			155 504	62 542
Deferred tax liability	23.2		20 141 957	10 614 115			19 238 932	3 573 573
Lease liability	20.1b	81 979	79 401			81 979	36 270
			359 609 717	338 245 837			358 462 948	152 860 648
EQUITY
Share capital	30.1		589 053	589 053			5 220	5 220
Share premium	30.2		3 599 675	3 599 675			33 876	33 876
Revaluation reserve	30.3		16 763 512	11 055 998			17 998 410	5 790 710
Shares awaiting allotment reserve	30.9		1 000 000	-			1 000 000	-
Share based payment reserve	30.8		1 247 722	1 247 722			569 951	569 951
Fair value reserve	30.6		3 579 156	3 515 205			4 531 593	1 964 010
Retained earnings	30.4		75 336 047	57 883 501			59 147 419	21 264 515
Foreign currency translation reserve	30.7		518 049	459 179			135 899	77 029
Equity attributable to equity holders of the parent			102 633 214	78 350 333			83 422 368	29 705 311
Non-controlling interest	30.5		12 925	9 573			13 816	4 957
TOTAL EQUITY			102 646 139	78 359 906			83 436 184	29 710 268
TOTAL LIABILITIES AND EQUITY
		462 255 856	416 605 743			441 899 132	182 570 916

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.

Consolidated Statement of Cash Flows

For the half year ended 30 June 2022

		REVIEWED				UNAUDITED

		INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
		30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021
		ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation	29 930 705		12 441 488			49 889 119	5 119 932
Non-cash items:
Monetary loss	14 923 209		897 517			-	-
Depreciation	771 726		539 018			372 091	142 161
Amortisation of intangible assets	83 040		67 118			42 966	17 446
Write off of property and equipment	2 728		235 460			415	-
Write off of intangible assets	7 479		-			3 599	-
Write down of land inventory	-		27 214			-	8 985
Fair value adjustments on investment properties	(6 857 873)		1 240 083			(13 558 805)	(141 195)
Write off of right of use asset and lease liabilty	-		306			-	92
Fair value adjustments on financial instruments	2 141 659		(7 595 923)			(1 745 397)	(2 792 532)
Expected credit loss expense	22 857 913		4 149 516			22 857 913	1 423 199
Impairment on insurance assets	81 433		20 226			81 433	6 937
Unrealised gain on foreign currency position	(48 210 300)		(315 448)			(48 210 300)	(108 192)
Loss/ (Profit) on disposal of investment properties	494 730		(8 079)			222 062	(2 720)
Unearned premium reserve movement	67 692		(21 418)			205 252	9 962
Incurred But Not Reported (IBNR) claims provisions	35 581		13 395			35 581	4 594
Deferred commission movement	(21 805)		(66 494)			(20 276)	(23 068)
Profit on sale of property and equipment	(1 690)		(225)			(1 282)	(75)
Transfer to reserves	528 456		186 994			343 001	64 135
Interest on lease liability	3 762		5 365			2 719	1 753
Operating cash flows before changes in operating
assets and liabilities	16 838 445		11 816 113			10 520 091	3 731 414
							`
Changes in operating assets and liabilities
Deposits	21 632 029		101 260 777			13 331 915	32 370 243
Loans and advances to customers	(148 040 587)		(64 398 015)			(83 219 025)	(20 586 247)
Life assurance investment contract liabilities	71 329		43 740			71 329	13 469
Money market assets	30 703 817		(19 802 671)			18 922 900	(6 330 360)
Financial securities	114 511		62 549			70 218	20 858
Insurance assets	(86 873)		328 681			(43 573)	37 764
Insurance liabilities	364 164		(111 164)			199 551	(33 808)
Land inventory	421 605		(307 316)			(234 155)	(99 278)
Other assets	67 771 510		(28 815 409)			44 432 901	(7 720 983)
Other Liabilities	13 282 311		34 460 658			5 384 048	10 773 990
		(13 766 184)		22 721 830			(1 083 891)	8 445 648
TAXATION
Corporate tax paid	(2 844 015)		(4 147 673)			(2 341 988)	(1 373 193)
Net cash inflow from operating activities	228 246		30 390 270			7 094 212	10 803 869
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of investment property	658 807		202 281			315 843	63 271
Investment in equities during the period	(2 063 456)		(347 817)			(1 846 496)	(114 213)
Equity investments disposed during the period	368 578		160 778			230 782	53 533
Purchase of investment property	(9 913)		(177 782)			(30 503)	(56 991)
Proceeds on disposal of property and equipment	2 464		336			1 584	105
Purchase of property and equipment	(1 301 709)		(637 725)			(1 002 530)	(176 780)
Purchase of intangible assets	(580)		(8 426)			(555)	(2 540)
Net cash outflow from investing activities	(2 345 809)		(808 355)			(2 331 875)	(233 615)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares awaiting allotment	1 000 000		-			1 000 000	-
Lease liability principal repayment	(30 018)		(23 144)			(15 516)	(7 122)
Interest on lease liability paid	(3 761)		(5 365)			(2 719)	(1 753)
Dividend paid	-		(4 429 331)			-	(1 519 170)
Net cash inflow/ (outflow) from financing activities	966 221		(4 457 840)			981 765	(1 528 045)
Net (Decrease)/ Increase in cash and cash equivalents
(1 151 342)		25 124 075			5 744 102	9 042 209
Cash and cash equivalents at beginning of the period	86 610 150		69 504 115			39 562 931	19 752 126
Exchange gains on foreign cash balances	55 663 722		1 943 731			55 663 722	666 660
Inflation effects on cash and cash equivalents	(40 151 775)		(10 674 682)			-	-
Cash and cash equivalents at end of the period	100 970 755		85 897 239			100 970 755	29 460 995

	DIRECTORS: Mr. M. L. Holtzman (Chairman) \| Mrs. R. L Gaskin Gain \| Mr. E. U Mashingaidze \| Mr.L. C. Gerken \|
2	Mr. E. E. Galante \| Dr. B. Mudavanhu * \| Mr. T.L. Gumbo * \| *EXECUTIVE

Reviewed Inflation Adjusted Financial Results

For the half year ended 30 June 2022

Accounting Policies

For the half year ended 30 June 2022

1. GROUP ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2021, except for new standards and amendments adopted effective 1 January 2022 (see 1.1c). The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2022, but do not have an impact on the interim condensed consolidated financial statements of the Group. For a detailed analysis of the Group's accounting policies, kindly refer to the Group's 2021 annual report, which is available at the Company registered offices.

1.1 BASIS OF PREPARATION

The interim condensed consolidated financial statements for the six months ended 30 June 2022 have been prepared in accordance with IAS 34 Interim Financial Reporting as well as the requirements of Companies and Other Business Entities Act (Chapter 24.31), Banking Act (Chapter 24.20 and the Zimbabwe Stock Exchange (ZSE) Listing Rules 2019. The consolidated financial results have been adjusted to take into account the impact of inflation in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies.

These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2021.

Basis of consolidation
The Group's consolidated 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 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 period 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 interim condensed consolidated 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.
New standards, interpretations and amendments adopted by the Group
1. Reference to the Conceptual Framework - Amendments to IFRS 3

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 interim condensed consolidated 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

Property, Plant and Equipment: Proceeds before Intended Use - Ammendments to IAS 16

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 interim condensed consolidated 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.

IFRS 1 First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter

The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent's consolidated 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 interim condensed consolidated financial statements of the Group as it is not a first-time adopter.

IFRS 9 Financial Instruments - Fees in the '10 per cent' test for derecognition of financial liabilities

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 interim condensed consolidated financial statements of the Group, as there were no modifications of the Group's financial instruments during the period.

IAS 41 Agriculture - Taxation in fair value measurements

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 interim condensed consolidated financial 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 amendment clarifies that when assessing if a contract is onerous, the cost of fulfilling the contract includes all costs related directly to the contract. Such costs include both:

the incremental costs of the contract (i.e. costs a company would avoid if it did not have the contract, like direct labour and materials); and
an allocation of other costs that relate directly to fulfilling the contract (e.g. contract management and supervision, or depreciation of equipment used in fulfilling the contract).

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

Date	Indices	Pecentage (%) movement	Conversion Factors
30 June 2022	8,707.35	119%	1.0000

31 December 2021	3,977.46	192%	2.1892

30 June 2021	2,986.44	502%	2.9156

30 June 2020	1,445.21		6.0250

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 given below.

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 and 30 June 2021 were restated by applying the change in the index from the date of last re-measurement to 30 June 2022.
Monetary assets and liabilities 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 applying the change in the index from the date of the transaction or if applicable from the date of their most recent revaluation to 30 June 2022. Property and equipment is restated by applying the change in the index from the date of transaction to 30 June 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 30 June 2022.
Opening deferred tax was calculated for temporary differences between tax bases of assets and liabilities and their carrying amounts expressed in the purchasing 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 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.

Notes to the Reviewed Inflation Adjusted

Consolidated Financial Results

For the half year ended 30 June 2022

1.4 INCORPORATION AND ACTIVITIES

The consolidated financial results of the Group For the half year ended 30 June 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 31 August 2022. 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.

			REVIEWED				UNAUDITED

			INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
			30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021
			ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

2.	INTEREST
	Interest Income
	Bankers acceptances	290 145		55 607			174 902	17 721
	Overdrafts	2 525 656		5 159 357			1 435 685	1 562 341
	Loans	15 056 775		3 679 511			9 860 627	1 294 901
	Mortgage loans	277 032		178 853			183 017	57 444
	Staff loans	168 214		116 121			106 902	37 126
	Securities investments	350 319		560 826			231 922	179 563
	Other investments	3 721 260		1 872 582			2 405 837	611 768
			22 389 401		11 622 857			14 398 892	3 760 864
	Interest expense
	Call deposits	41 637		61 464			28 942	19 666
	Savings deposits	397 088		3 234 520			131 439	1 024 116
	Money market deposits	1 337 189		2 313 021			864 377	744 734
	Other offshore deposits	103 848		53 814			79 647	16 994
	Lease liability	3 762		5 365			2 719	1 753

			1 883 524		5 668 184			1 107 124	1 807 263
	NET INTEREST INCOME
	20 505 877		5 954 673			13 291 768	1 953 601
3	NON-INTEREST INCOME
	Net income from trading securities	197 987		15 278			119 020	7 957
	Fair value adjustments on financial instruments	(2 141 659)		7 595 923			1 745 397	2 792 532
	Fair value adjustments on investment properties	6 857 873		(1 240 083)			13 558 805	141 195
	Net income from foreign currency dealing	1 245 735		891 254			881 126	286 076
	Unrealised on foreign currency exchange	48 210 300		315 448			48 210 300	108 192
	Agro business income	8 327 887		9 446 450			7 251 249	3 015 630
	Commission and fee income	10 971 500		8 727 413			7 035 140	2 767 253
	Profit on disposal of property and equipment	1 690		225			1 282	75
	(Loss)/ Profit on disposal of investment property	(494 730)		8 079			(222 062)	2 720
	Bad debts recovered	22 472		39 422			14 111	12 504
	Property sales	(416 415)		153 088			114 566	51 018
	Lease income	144 593		111 633			103 368	18 056
	Other operating income	162 860		179 477			83 319	72 963
			73 090 093		26 243 607			78 895 621	9 276 171
	Included in unrealised gains, 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	1 730 038		1 469 636			1 267 301	480 138
	Reinsurance	(576 339)		(698 794)			(469 916)	(229 178)
	Net written premium	1 153 699		770 842			797 385	250 960
	Unearned premium	(67 692)		21 418			(205 252)	(9 962)
	Net earned premium	1 086 007		792 260			592 133	240 998
	Net commission(a)	(35 513)		(5 117)			(20 482)	(466)
	Net claims (b)	(437 717)		(174 468)			(309 705)	(57 173)
			612 777		612 675			261 946	183 359

Net Commissions

	Commission received	150 881	160 333	94 243	52 700
	Commission paid	(208 199)	(231 944)	(135 001)	(76 234)
	Deferred acquisition costs	21 805	66 494	20 276	23 068
			(35 513)	(5 117)	(20 482)	(466)
(b)	Net Claims
	Gross claims incurred	818 142	334 288	532 380	107 573
	Reinsurance claims	(472 821)	(209 523)	(304 268)	(63 258)
	Incurred but not yet reported claims	35 581	13 395	35 581	4 594
	Gross outstanding claims	204 148	202 968	149 410	65 425
	Reinsurance share of outstanding claims	(147 333)	(166 660)	(103 398)	(57 161)
			437 717	174 468	309 705	57 173
5	OPERATING EXPENDITURE
	Staff costs	19 585 234	8 330 369	15 351 717	2 715 117
	Administration expenses	5 227 316	5 819 277	3 397 903	1 883 697
	Audit fees	124 075	78 617	97 355	25 550
	Depreciation	771 726	539 018	372 091	142 161
	Write off of property and equipment	2 728	235 460	415	-
	Write down of land inventory	-	27 214	-	8 985
	Amortisation of intangible assets	83 040	67 118	42 966	17 446
	Property cost of sales	85 433	17 835	11 823	5 880
	Write off intangible assets	7 479	-	3 599	-
	Write offs of right of use asset and lease liabiliy	-	306	-	92
			25 887 031	15 115 214	19 277 869	4 798 928
	Remuneration of directors and key management personnel (included in staff costs)
	Fees for services as directors	16 173	60 537	9 968	19 352
	Pension and retirement benefits for past and present directors	58 833	40 772	36 259	13 034
	Salaries and other benefits	1 322 719	419 043	815 197	133 956
			1 397 725	520 352	861 424	166 342
	Short term employment benefits	1 338 892	479 580	825 165	153 308
	Post employment benefits	58 833	40 772	36 259	13 034
			1 397 725	520 352	861 424	166 342

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 period
	Current income tax charge	4 331 625	4 774 509	4 331 625	1 637 559
	Deferred income tax	8 146 961	594 407	7 673 511	(355 251)
	Income tax expense		12 478 586	5 368 916	12 005 136	1 282 308
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 expenses	41.27	19.13	3.90	5.16
	Exempt income	(22.09)	(0.68)	(2.96)	(4.82)
	Tax credit	(0.70)	(0.02)	(0.83)	(0.01)
	Effect of rebasing tax bases	0.12	-	0.09	-
	Effect of special tax rate	(1.63)	-	(0.85)	-
	Effective tax rate		41.69	43.15	24.06	25.05
	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	1 104 633	(128 693)	2 258 735	40 023
Unlisted equities	(660)	(3 090)	134 777	9 222
Total taxation relating to components of
other comprehensive income	1 103 973	(131 783)	2 393 512	49 245

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:

	DIRECTORS: Mr. M. L. Holtzman (Chairman) \| Mrs. R. L Gaskin Gain \| Mr. E. U Mashingaidze \| Mr.L. C. Gerken \|
3	Mr. E. E. Galante \| Dr. B. Mudavanhu * \| Mr. T.L. Gumbo * \| *EXECUTIVE

Reviewed Inflation Adjusted Financial Results

For the half year ended 30 June 2022

REVIEWED		UNAUDITED

INFLATION ADJUSTED	RESTATED	HISTORICAL	HISTORICAL
30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021
ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

7.1 Annualised earnings per share (ZWL cents)

	Basic	6 686.59	2 709.78	14 514.08	1 470.16
	Fully Diluted	6 686.59	2 709.78	14 514.08	1 470.16
	Headline	2 426.90	3 140.90	10 671.57	1 431.25
7.2	Earnings
	Basic (earnings attributable to holders of parent)	17 452 546	7 072 747	37 882 904	3 837 231
	Fully Diluted	17 452 546	7 072 747	37 882 904	3 837 231
	Headline	12 668 784	8 198 002	27 853 658	3 735 668
	Number of shares used in calculations (weighted)
	Basic	522 016	522 016	522 016	522 016
	Fully diluted	522 016	522 016	522 016	522 016
	Headline	522 016	522 016	522 016	522 016

7.3 Reconciliation of denominators used for calculating basic and diluted earnings per share:

	Weighted average number of shares before
	adjustment for treasury shares	522 016	522 016	522 016	522 016
	Weighted average number of shares used for basic	EPS	522 016	522 016	522 016	522 016
	Potentially dilutive shares employee share options	-	-	-	-
	Weighted average number of shares used for diluted EPS	522 016	522 016	522 016	522 016
7.4	Headline Earnings
	Profit attributable to ordinary shareholders		17 452 546	7 072 747	37 882 904	3 837 231
	Ajusted to exclude re-measurements
	Impairment on property and equipment	2 728	235 460	11 823	-
	Write off of right of use asset and lease liability	-	306	-	92
	Write off of intangible assets	7 479	-	3 599	-
	Write down of land inventory	-	27 214	-	8 985
	Disposal gain on property and equipment	(1 690)	(225)	(1 282)	(75)
	Profit/(loss) on disposal of investment property	494 730	(8 079)	222 062	(2 720)
	Gains/(loss) on investment properties valuation	(6 857 873)	1 240 083	(13 558 805)	(141 195)
	Tax relating to remeasurements	1 570 864	(369 504)	3 293 347	33 350
	Headline earnings		12 668 784	8 198 002	27 853 648	3 735 668
8.	DIVIDENDS
	Cash dividends on ordinary shares declared and paid:
	Final Dividend	-	4 429 331	-	1 519 170
			-	4 429 331	-	1 519 170
	Interim paid per share (Cents)	-	-	-	-
	Final dividend paid per share (cents)	-	849.00	-	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:
	Interim	-	1 457 813	-	500 000
	Interim dividend per share (cents)	-	279.27	-	95.78

Proposed dividends on ordinary shares are subject to approval and are not recognised as a liability as at 30 June 2022.

			REVIEWED	AUDITED		UNAUDITED

			INFLATION ADJUSTED	RESTATED		HISTORICAL	HISTORICAL
			30 JUNE 2022	31 DEC 2021		30 JUNE 2022	31 DEC 2021
			ZWL$ 000	ZWL$ 000		ZWL$ 000	ZWL$ 000

9.	CASH AND CASH EQUIVALENTS
	Cash	15 644 652	37 486 914	15 644 652	17 123 769
	Balances with foreign banks	17 504 659	35 197 255	17 504 659	16 077 868
	Balances with the Reserve Bank of Zimbabwe	62 969 573	6 078 428	62 969 573	2 776 585
	RBZ Statutory reserve	4 851 871	7 847 553	4 851 871	3 584 709
			100 970 755	86 610 150	100 970 755	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:
	RBZ Statutory reserve	4 851 871	7 533 881	4 851 871	3 441 426
	Amounts secured as guarantees or collateral	4 185 367	2 029 916	4 185 367	927 252
	9 037 238	9 563 797	9 037 238	4 368 678

10.	MONEY MARKET ASSETS
	Interbank Placements	7 563 722	13 162 259	7 563 722	6 012 431
	RBZ Savings bonds	4 073 279	37 484 944	4 073 279	17 122 869
	Bankers acceptances	1 381 401	2 742 738	1 381 401	1 252 864
	Accrued interest	52 276	93 749	52 276	42 824
	Total gross money market assets	13 070 678	53 483 690	13 070 678	24 430 988
	Allowance for expected credit loss	(481 622)	(169 394)	(481 622)	(77 378)
	Total net money market assets	12 589 056	53 314 296	12 589 056	24 353 610
10.1	Maturity analysis
	The maturity analysis of money market assets is shown below.
	Between 0 and 3 months	12 239 077	41 431 106	12 239 077	18 925 449
	Between 3 and 6 months	827 469	12 047 346	827 469	5 503 146
	Above 12 months	4 132	5 238	4 132	2 393
			13 070 678	53 483 690	13 070 678	24 430 988
11.	FINANCIAL SECURITIES
	Treasury bills	895 330	2 098 162	895 330	958 426
	Accrued interest	13 378	44 878	13 378	20 500
	Total gross financial securities	908 708	2 143 040	908 708	978 926
	Allowance for expected credit loss	(13 829)	(31 544)	(13 829)	(14 409)
	Total net financial securities	894 879	2 111 496	894 879	964 517

11.1 Maturity analysis

The maturity analysis of financial securities is shown below:

Between 0 and 3 months	-	22 128	-	10 108
Between 3 and 6 months	9 299	100 118	9 299	45 733
Between 6 and 12 months	3 312	-	3 312	-
Between 1 and 5 years	46 756	325 346	46 756	148 616
Above 5 years	849 341	1 695 448	849 341	774 469
	908 708	2 143 040	908 708	978 926

Maturity analysis is based on the remaining period from 30 June 2022 to contractual maturity.

12. LOANS AND ADVANCES TO CUSTOMERS

	Overdrafts				18 211 075	6 178 191	18 211 075	2 822 156
	Commercial loans				68 650 802	44 143 396	68 650 802	20 164 405
	Staff loans				3 768 766	4 120 987	3 768 766	1 882 439
	Mortgate advances				3 685 346	2 361 281	3 685 346	1 078 617
	Agro business loans				109 460 421	68 692 783	109 460 421	31 378 399
	Interest accrued				9 482 069	14 550 152	9 482 069	6 646 411
	Total gross loans and advances to customers			213 258 479	140 046 790	213 258 479	63 972 427
	Allowance for expected credit loss			(30 364 878)	(17 669 174)	(30 364 878)	(8 071 159)
	Total net advances				182 893 601	122 377 616	182 893 601	55 901 268


		REVIEWED				AUDITED				UNAUDITED
		INFLATION ADJUSTED				RESTATED			HISTORICAL			HISTORICAL
		30 JUNE 2022				31 DEC 2021			30 JUNE 2022			31 DEC 2021
		ZWL$ 000	%		ZWL$ 000	%		ZWL$ 000	%		ZWL$ 000	%

12.1	Sectoral analysis:
	Private	14 444 291	7	14 032 239	10		14 444 291	7		6 409 832	10
	Agriculture	130 461 648	61	70 803 615	51		130 461 648	61		32 342 613	51
	Mining	16 102 943	8	10 315 365	7		16 102 943	8		4 711 989	7
	Manufacturing	12 536 397	6	6 082 073	4		12 536 397	6		2 778 250	4
	Distribution	26 855 752	13	25 103 001	18		26 855 752	13		11 466 881	18
	Construction	1 844 353	1	263 250	-		1 844 353	1		120 251	-
	Transport	926 934	-	192 597	-		926 934	-		87 977	-
	Communication	12	-	-	-		12	-		-	-
	Services	9 218 433	4	12 268 378	9		9 218 433	4		5 604 112	9
	Financial organisations	867 716	-	986 272	1		867 716	-		450 522	1
		213 258 479	100	140 046 790	100		213 258 479	100		63 972 427	100

		REVIEWED	AUDITED		UNAUDITED

		INFLATION ADJUSTED	RESTATED		HISTORICAL	HISTORICAL
		30 JUNE 2022	31 DEC 2021		30 JUNE 2022	31 DEC 2021
		ZWL$ 000	ZWL$ 000		ZWL$ 000	ZWL$ 000
12.2	Maturity analysis

	Less than 1 month	19 782 388	11 423 024	19 782 388	5 217 960
	Between 1 and 3 months	6 230 841	8 487 260	6 230 841	3 876 923
	Between 3 and 6 months	67 713 469	18 126 188	67 713 469	8 279 920
	Between 6 months and 1 year	77 633 332	85 824 081	77 633 332	39 203 860
	Between 1 and 5 years	22 729 722	12 851 852	22 729 722	5 870 639
	More than 5 years	19 168 727	3 334 385	19 168 727	1 523 125

		213 258 479	140 046 790	213 258 479	63 972 427

Maturity analysis is based on the remaining period from 30 June 2022 to contractual maturity.

12.3 Loans to directors and key management

	Opening balance	1 367 516	776 159	624 672	220 574
	Advances made during the period	1 416 195	1 643 481	872 808	581 778
	Monetary adjustment	(1 257 101)	(550 192)	-	-
	Repayment during the period	(75 920)	(501 932)	(46 791)	(177 680)
	Closing balance	1 450 690	1 367 516	1 450 689	624 672
	Loans to employees
	Included in advances are loans to employees: -
	Opening balance	2 753 473	3 502 674	1 257 768	995 414
	Advances made during the period	2 037 499	1 879 728	1 255 720	665 407
	Monetary adjustment	(3 646 161)	(1 490 333)	-	-
	Repayments during the period	(317 066)	(1 138 596)	(195 409)	(403 053)
	Closing balance	827 745	2 753 473	2 318 079	1 257 768
12.4	Allowance for Expected Credit Loss (ECL)
	Opening balance	17 669 174	4 091 385	8 071 159	1 162 716
	Credit loss expense on loans and advances	22 309 758	15 152 976	22 309 758	6 921 777
	Monetary adjustment	(9 588 027)	(1 538 652)	-	-
	Amounts written off during the period	(26 027)	(36 535)	(16 039)	(13 334)
	Closing balance	30 364 878	17 669 174	30 364 878	8 071 159
12.5	Collateral
	Cash cover	1 018 843	215 892	1 018 843	98 618
	Government Guarantee	87 065 133	55 604 126	87 065 133	25 399 589
	Registered Marketable Commodities	28 709 602	-	28 709 602	-
	Mortgage bonds	11 341 252	20 139 127	11 341 252	9 199 417
	Notarial general covering bonds	19 807 691	21 170 178	19 807 691	9 670 394
		147 942 521	97 129 323	147 942 521	44 368 018
13.	INSURANCE ASSETS
	Reinsurance unearned premium reserve	270 638	466 082	169 237	191 731
	Reinsurance receivables	462 241	1 094 276	462 241	499 858
	Deferred acquisition costs	146 105	183 842	87 643	73 617
	Insurance premium receivables	762 744	950 807	774 658	437 825
	Suspended premium	(2 962)	(15 977)	(2 962)	(7 298)
	Impairment provision	(115 133)	(73 775)	(115 133)	(33 700)
		1 523 633	2 605 255	1 375 684	1 162 033

13.1 Reinsurance unearned premium reserve

	Opening balance	466 082	693 995	191 731	197 223
	Written premiums	641 458	1 674 600	413 557	642 738
	Premiums earned during the period	(836 902)	(1 902 513)	(436 051)	(648 230)
	Closing balance	270 638	466 082	169 237	191 731
13.2	Impairment provision on insurance assets
	Opening balance	73 775	56 754	33 700	16 129
	Charge for impairment on insurance receivables	81 433	42 597	81 433	19 458
	Monetary adjustment	(40 075)	(25 576)	-	-
	Amounts written off during the period	-	-	-	(1 887)
	Closing balance	115 133	73 775	115 133	33 700

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

The table below shows the (ECL) charges 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

			30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021

		Money market	404 244	36 929	-	-		-	-	404 244	36 929
		assets


		Financial securities	(580)	2 694	-	-		-	-	(580)	2 694

		Loans and
		advances to	3 735 531	2 953 838	496 077	93 694		18 078 150	294 370	22 309 758	3 341 902
		customers

		Financial	167	36 186	-	-		-	-	167	36 186
		guarantees


		Other	121 337	722 168	(2 158)	(507)		9 184	1 916	128 363	723 577
		commitments


		Lease receivables	-	2 309	4 924	2 446		11 037	3 473	15 961	8 228

			4 260 699	3 754 124	498 843	95 633		18 098 371	299 759	22 857 913	4 149 516

		Insurance assets	81 433	20 226	-	-		-	-	81 433	20 226
		impairment charge


		Total	4 342 132	3 774 350	498 843	95 633		18 098 371	299 759	22 939 346	4 169 742

							UNAUDITED HISTORICAL

			Stage 1 ZWL$ 000			Stage 2 ZWL$ 000	Stage 3 ZWL$ 000	Total ZWL$ 000

			30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021	30 JUNE 2022	30 JUNE 2021

		Money market	404 244	12 666	-	-		-	-	404 244	12 666
		assets


		Financial securities	(580)	924	-	-		-	-	(580)	924

		Loans and
		advances to	3 735 531	1 013 106	496 077	32 135		18 078 150	100 963	22 309 758	1 146 204
		customers

		Financial	167	12 411	-	-		-	-	167	12 411
		guarantees


		Other	121 337	247 689	(2 158)	(174)		9 184	657	128 363	248 172
		commitments


		Lease receivables	-	792	4 924	839		11 037	1 191	15 961	2 822

			4 260 699	1 287 588	498 843	32 800		18 098 371	102 811	22 857 913	1 423 199

		Insurance assets	81 433	6 937	-	-		-	-	81 433	6 937
		impairment charge


		Total	4 342 132	1 294 525	498 843	32 800		18 098 371	102 811	22 939 346	1 430 136
								REVIEWED	AUDITED					UNAUDITED

							INFLATION ADJUSTED	RESTATED				HISTORICAL	HISTORICAL
								30 JUNE 2022	31 DEC 2021				30 JUNE 2022	31 DEC 2021
								ZWL$ 000	ZWL$ 000					ZWL$ 000	ZWL$ 000
15.	OTHER ASSETS

		Prepayments and deposits					9 144 863		6 222 119					4 922 519		2 342 529
		Other receivables						74 826 681		76 346 529				74 826 680		34 874 579
								83 971 544		82 568 648				79 749 199		37 217 108

Included in other receivables is an amount of ZWL$57 299 557 797 (2021:ZWL$37 817 398 234) which relates to the RBZ financial asset in lieu of legacy debt registration. RBZ committed to provide foreign currency to the Bank 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.

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.

INFLATION ADJUSTED

	DIRECTORS: Mr. M. L. Holtzman (Chairman) \| Mrs. R. L Gaskin Gain \| Mr. E. U Mashingaidze \| Mr.L. C. Gerken \|
4	Mr. E. E. Galante \| Dr. B. Mudavanhu * \| Mr. T.L. Gumbo * \| *EXECUTIVE

Reviewed Inflation Adjusted Financial Results

For the half year ended 30 June 2022

							REVIEWED		AUDITED		UNAUDITED

						INFLATION ADJUSTED		RESTATED	HISTORICAL		HISTORICAL
							30 JUNE 2022		31 DEC 2021	30 JUNE 2022		31 DEC 2021
								ZWL$ 000		ZWL$ 000	ZWL$ 000			ZWL$ 000
16.	LAND INVENTORY

	Opening balance					13 029 225		13 029 952			552 094			470 639
	Additions					244 048		401 926			239 463			135 868
	Disposals					(665 653)		(202 851)			(5 308)			(41 755)
	Write off					-		(199 802)				-			(12 658)
	Closing balance					12 607 620		13 029 225			786 249			552 094
17	EQUITY INVESTMENTS
	Opening balance					11 869 788		6 769 605			5 422 039	1 923 830
	Investment in equities during the period					2 063 457		2 089 512			1 846 496			917 227
	Investment disposed during the period					(368 578)		(226 231)			(230 782)			(75 513)
	Fair value adjustments - Profit or loss					(2 141 659)		2 271 570			1 745 397	1 561 872
	Fair value adjustments - Other comprehensive income			64 122		965 332			2 703 980	1 094 623
							11 487 130		11 869 788			11 487 130	5 422 039
17.1	Investments in Equities
	Unlisted investments					6 555 167		4 853 612			6 555 167	2 217 097
	Listed investments					4 931 963		7 016 176			4 931 963	3 204 942
	Equity investment designated at fair value					11 487 130		11 869 788			11 487 130	5 422 039

	through profit or loss					4 931 963		7 016 176			4 931 963	3 204 942
	Equity investment designated at fair value
	through other comprehensive income					6 555 167		4 853 612			6 555 167	2 217 097
							11 487 130		11 869 788			11 487 130	5 422 039



			REVIEWED			AUDITED					UNAUDITED
		INFLATION ADJUSTED			RESTATED			HISTORICAL			HISTORICAL
			30 JUNE 2022		31 DEC 2021			30 JUNE 2022			31 DEC 2021
			ZWL$ 000	%		ZWL$ 000	%		ZWL$ 000	%		ZWL$ 000	%

17.2	Investment in subsidiaries
	CBZ Bank Limited	2 141 354	100		2 141 354	100		21 840	100			21 840	100
	CBZ Asset Management (Private) Limited	194 915	100		194 915	100		1 988	100			1 988	100
	CBZ Building Society	-	100		-	100		-	100			-	100
	CBZ Insurance (Private) Limited	416 613	98.4		416 613	98.4		23 615	98.4			23 615	98 .4
	CBZ Properties (Private) Limited	468 586	100		468 586	100		4 779	100			4 779	100
	CBZ Life Assurance (Private) Limited	136 090	100		136 090	100		1 388	100			1 388	100
	CBZ Asset Management Mauritius	8 715	100		8 715	100		89	100			89	100
	CBZ Risk Advisory Services (Private) Limited	131 882	100		131 882	100		1 345	100			1 345	100
	Red Sphere Finance (Private) Limted	962 733	100		962 733	100		250 520	100			250 520	100
	CBZ Agro Yield (Private) Limited	21 609	100		21 609	100		1 000	100			1 000	100
			4 482 497			4 482 497			306 564				306 564

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

	REVIEWED INFLATION ADJUSTED
30 JUNE 2022
Balances with banks and cash	-	-	100 970 755	100 970 755
Money market Assets	-	-	12 589 056	12 589 056
Financial securities	-	-	894 879	894 879
Loans and advances to customers	-	-	182 893 601	182 893 601
Equity investments	4 931 963	6 555 167	-	11 487 130
Other assets	-	-	74 826 680	74 826 680
TOTAL ASSETS
4 931 963	6 555 167	372 174 971	383 662 101

	AUDITED INFLATION ADJUSTED
31 DEC 2021
Balances with banks and cash	-	-	86 610 150	86 610 150
Money Market assets	-	-	53 314 296	53 314 296
Financial securities	-	-	2 111 496	2 111 496
Loans and advances to customers	-	-	122 377 616	122 377 616
Equity investments	7 016 176	4 853 612	-	11 869 788
Other assets	-	-	76 346 529	76 346 529
TOTAL ASSETS		7 016 176	4 853 612	340 760 087	352 629 875
		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
	UNAUDITED HISTORICAL
30 JUNE 2022
Balances with banks and cash	-	-	100 970 755	100 970 755
Money market assets	-	-	12 589 056	12 589 056
Financial securities	-	-	894 879	894 879
Loans and advances to customers	-	-	182 893 601	182 893 601
Equity investments	4 931 963	6 555 167	-	11 487 130
Other assets	-	-	74 826 680	74 826 680
TOTAL ASSETS		4 931 963	6 555 167	372 174 971	383 662 101
31 DEC 2021
Financial assets
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

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.

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 factor, 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


				The fair values would increase/ decrease if :
•	Earnings Multiple	•	Liquidity discount	•	The GDP growth was higher or lower
•	GDP Growth
		•	The Liquidity discount was higher or lower

If the fair value adjustment had been 5% up or down, the Group's Fair value r reserve would be ZWL$ 16,873,871.61 and the Statement of Financial Position would be ZWL$ 17,761,970 higher or lower than the reported position.

20.PROPERTY AND EQUIPMENT

REVIEWED INFLATION ADJUSTED

			Leasehold	Motor			Furniture &	Work in
	Land	Buildings	improvements	vehicles	Computer	Equipment	Fittings	progress	Total
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
30 JUNE 2022
COST
Opening balance	1 810 384	13 173 382	200 113	757 003	4 811 421	1 586 536	1 003 915	1 448 239	24 790 993
Additions	-	-	-	1 001	91 709	10 076	16 613	1 182 310	1 301 709
Revaluation gain	868 584	5 457 051	-	-	-	-	-	-	6 325 635
Disposals	-	-	-	-	(1 183)	(22)	(24)	-	(1 229)
Transfers to intangible assets	-	-	-	-	-	-	-	(4 252)	(4 252)
Write offs	-	-	-	(123)	(6 054)	-	-	-	(6 177)
Transfers(PPE Intercategories)	-	-	-	35 967	-	-	-	(35 967)	-
Closing balance	2 678 968	18 630 433	200 113	793 848	4 895 893	1 596 590	1 020 504	2 590 330	32 406 679
Accumulated depreciation
Opening balance	-	289 964	93 187	582 070	2 262 834	1 104 158	517 393	-	4 849 606
Charge for the period	-	555 280	6 189	22 315	130 975	34 930	22 037	-	771 726
Disposals	-	-	-	-	(423)	(16)	(16)	-	(455)
Write offs	-	-	-	(87)	(3 363)	-	-	-	(3 450)
Revaluation	-	(489 455)	-	-	-	-	-	-	(489 455)
Closing balance	-	355 789	99 376	604 298	2 390 023	1 139 072	539 414	-	5 127 972
Net Book Value	2 678 968	18 274 644	100 737	189 549	2 505 870	457 518	481 090	2 590 330	27 278 706

AUDITED INFLATION ADJUSTED

31 DEC 2021
COST
Opening balance	1 411 516	10 851 638	193 219	698 800	3 972 703	1 399 526	907 406	1 650 449	21 085 257
Additions	-	233 073	-	54 462	669 587	164 880	72 308	199 668	1 393 978
Revaluation gain	398 868	2 113 514	-	-	-	-	-	-	2 512 382
Disposals	-	-	-	-	(865)	(24)	(155)	(159 283)	(160 327)
Write offs	-	(28 648)	-	-	(10 589)	(138)	(922)	-	(40 297)
Transfers(PPE Intercategories)	-	3 805	6 894	3 741	180 585	22 292	25 278	(242 596)	-
Closing balance	1 810 384	13 173 382	200 113	757 003	4 811 421	1 586 536	1 003 915	1 448 239	24 790 993
Accumulated depreciation
Opening balance	-	107 397	81 409	554 338	1 960 062	1 017 614	498 324	-	4 219 144
Charge for the period	-	932 663	11 778	27 732	304 372	86 577	19 236	-	1 382 358
Disposals	-	-	-	-	(449)	(22)	(125)	-	(596)
Write offs	-	(5 422)	-	-	(1 151)	(11)	(42)	-	(6 626)
Revaluation	-	(744 674)	-	-	-	-	-	-	(744 674)
Closing balance	-	289 964	93 187	582 070	2 262 834	1 104 158	517 393	-	4 849 606
Net Book Value	1 810 384	12 883 418	106 926	174 933	2 548 587	482 378	486 522	1 448 239	19 941 387

UNAUDITED HISTORICAL

			Leasehold	Motor			Furniture &	Work in
	Land	Buildings	improvements	vehicles	Computer	Equipment	Fittings	progress	Total
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000
30 JUNE 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	-	-	-	482	62 597	8 056	12 842	918 554	1 002 531
Revaluation gain	1 851 993	12 321 852	-	-	-	-	-	-	14 173 845
Disposals	-	-	-	-	(489)	(11)	(12)	-	(512)
Transfers to intangible assets	-	-	-	-	-	-	-	(4 252)	(4 252)
Write offs	-	-	-	(59)	(2 476)	-	-	-	(2 535)
Transfers(PPE Intercategories)	-	-	-	16 429	-	-	-	(16 429)	-
Closing balance	2 678 961	18 170 004	36 987	50 037	629 617	106 376	68 629	1 001 917	22 742 528
Accumulated depreciation
Opening balance	-	29 089	1 996	10 202	97 824	28 977	9 373	-	177 461
Right of use asset	-		-	-	-	-	-	-	-
Charge for the period	-	307 543	461	4 596	50 363	4 611	4 517	-	372 091
Disposals	-	-	-	-	(189)	(10)	(10)	-	(209)
Write offs	-	-	-	(53)	(2 069)	-	-	-	(2 122)
Revaluation	-	(298 750)	-	-	-	-	-	-	(298 750)
Closing balance	-	37 882	2 457	14 745	145 929	33 578	13 880	-	248 471
Net Book Value	2 678 961	18 132 122	34 530	35 292	483 688	72 798	54 749	1 001 917	22 494 057
31 DEC 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)
Transfers(PPE Intercategories)	-	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 period	-	229 287	827	3 550	58 962	16 933	3 370	-	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	9 373	-	177 460
Net Book Value	826 968	5 819 063	34 991	22 983	472 161	69 355	46 426	104 044	7 395 991

	Level 1	Level 2	Level 3	Total carrying amount

	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

Equity investments	4 931 963	7 016 176	-	-	6 555 167	4 853 612	11 487 130	11 869 788

Land and buildings	-	-	20 794 014	14 492 706	-	-	20 794 014	14 492 706

Investment properties	-	-	19 221 361	13 507 113	-	-	19 221 361	13 507 113

Total assets at fair	4 931 963	7 016 176	40 015 375	27 999 819	6 555 167	4 853 612	51 502 505	39 869 607
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

	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021	30 JUNE 2022	31 DEC 2021
	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000	ZWL$ 000

Equity investments	4 931 963	3 204 942	-	-	6 555 167	2 217 097	11 487 130	5 422 039

Land and buildings	-	-	20 794 014	6 620 170	-	-	20 794 014	6 620 170

Investment properties	-	-	19 221 361	6 169 958	-	-	19 221 361	6 169 958

Total assets at fair	4 931 963	3 204 942	40 015 375	12 790 128	6 555 167	2 217 097	51 502 505	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.

The maximum useful lives are as
Buildings	40 years
Motor vehicles	3-5 years
Leasehold improvements	10 years
Computer equipment	5 years
Furniture and fittings	10 years

The carrying amount of buildings would have been ZWL$ 2,469,140,216 (December 2021: ZWl$2,625,592,047) had they been carried at cost. Property and equipment was tested for impairment through comparison with open market values determined by independent valuers.

If the fair value adjustment had been 5% up or down, the Group's other Comprehensive Income would have been ZWL$ 256,520,224.34 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 below,

	DIRECTORS: Mr. M. L. Holtzman (Chairman) \| Mrs. R. L Gaskin Gain \| Mr. E. U Mashingaidze \| Mr.L. C. Gerken \|
5	Mr. E. E. Galante \| Dr. B. Mudavanhu * \| Mr. T.L. Gumbo * \| *EXECUTIVE

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CBZ Holdings Ltd. published this content on 01 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2022 10:25:29 UTC.

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