Staff Writer
Harare, CABS, Zimbabwe’s largest building society and a subsidiary of Old Mutual Zimbabwe, says during the course of 2024, it declared and paid dividends amounting to ZiG348.28m (being US$12 mln).
Dividends are the percentage of a company’s earnings that is paid to its shareholders as their share of the profits.
Dividends are generally paid quarterly, with the amount decided by the board of directors based on the company’s most recent earnings.
In the year under review, CABS achieved satisfactory performance on the back of increased non-funded income, bolstered by payment transactions in key economic segments as well as foreign currency translation gains.
The bank’s digitalisation strategy resulted in a positive customer experience by widening transaction channel options.
“We added USD account transacting capabilities to digital channels in response to growing customer demand, which was positively embraced.
“We continued to support the borrowing requirements of our customers through a combination of local funding and offshore lines of credit.
“The introduction and growth of USD digital lending channels such as EezyCredit and FlexiCredit supported CABS’ lending activities during the year,” group managing director Mehluli Mpofu said in a statement of financials.
In 2024, CABS also celebrated its 75th anniversary, a significant milestone that underscores the Society’s resilience, innovation, and commitment to serving Zimbabwe’s financial needs.
Over the decades, CABS has evolved from its roots as a building society to a full financial services offering while maintaining its core mission of empowering individuals, businesses, and communities.
The anniversary was marked by a reflection on our achievements, honouring past and present leadership, and reaffirming our mission, vision, and values.
“Looking ahead, CABS remains dedicated to driving financial inclusion, fostering economic growth, and delivering exceptional service to our customers.”
