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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

ZB Financial Holdings

ZBFH.ZW · Zimbabwe Stock Exchange · Consolidated statements

On this page
Company details
Legal name
ZB Financial Holdings Limited
Listing
ZBFH.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009012007 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · published summary of audited statements, final status not established · source

Read with these figures

  • Auditor's report on the full statements, year to 2024-12-31: modified opinion (not a report on this summary). Basis for Qualified Opinion — Non-compliance with IAS 21 “The Effects of Changes in Foreign Exchange Rates”: on the change of functional currency from ZWL to USD (Mashonaland Holdings on 1 January 2023, all other subsidiaries on 1 January 2024) the directors used USD valuations, or restated 31 December 2023 fair values, for investment properties and property and equipment (and, in the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate as IAS 21 requires; as a result consolidated fair value adjustments are overstated by ZWG 230 870 237 (2023: understated by ZWG 230 870 237), gains on property and equipment revaluation are overstated by ZWG 264 296 153 (2023: understated by ZWG 264 296 153), the deferred tax movement in income tax expense is understated by ZWG56 531 518 (2023: overstated by ZWG56 531 518), depreciation in operating expenses is understated by ZWG 21 333 476, and in the separate statements fair value adjustments are overstated by ZWG285 042 328 (2023: understated 285 042 328); the corresponding amounts for investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests are also affected, the report is modified for the effect on comparability, and the misstatements are 'material however not pervasive' (Ernst & Young, opinion on the consolidated and separate financial statements, PDF pp17-18); this is the auditor's report on the underlying full statements, reprinted in the summary, not an opinion on the summary
  • Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2024 figures come from it.
Full wording and sources

  • Auditor's report on the full statements, year to 2024-12-31: modified opinion (not a report on this summary)

    Basis for Qualified Opinion — Non-compliance with IAS 21 “The Effects of Changes in Foreign Exchange Rates”: on the change of functional currency from ZWL to USD (Mashonaland Holdings on 1 January 2023, all other subsidiaries on 1 January 2024) the directors used USD valuations, or restated 31 December 2023 fair values, for investment properties and property and equipment (and, in the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate as IAS 21 requires; as a result consolidated fair value adjustments are overstated by ZWG 230 870 237 (2023: understated by ZWG 230 870 237), gains on property and equipment revaluation are overstated by ZWG 264 296 153 (2023: understated by ZWG 264 296 153), the deferred tax movement in income tax expense is understated by ZWG56 531 518 (2023: overstated by ZWG56 531 518), depreciation in operating expenses is understated by ZWG 21 333 476, and in the separate statements fair value adjustments are overstated by ZWG285 042 328 (2023: understated 285 042 328); the corresponding amounts for investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests are also affected, the report is modified for the effect on comparability, and the misstatements are 'material however not pervasive' (Ernst & Young, opinion on the consolidated and separate financial statements, PDF pp17-18); this is the auditor's report on the underlying full statements, reprinted in the summary, not an opinion on the summary

    Source: Audited Financial Results for the year ended 31 December 2024 (dated 2025-03-31)

  • Published summary of audited statements for 2024: final status not established

    Published summary ('Audited Financial Results') filed with the ZSE. The chairman's statement is closed with the typeset name 'A. Makamure (Chairman)' and the date 31 March 2025, no signature (PDF p1, page image). The independent auditor's report reprinted on PDF pp17-22 (Ernst & Young, signed by hand, Harare, 31 March 2025, PDF p22, page image) covers the full consolidated and separate financial statements ('set out on pages 12 to 120'), not this publication, and is qualified; no auditor's report on the summary itself is printed. No board approval date is printed for the group statements.

    Source: Audited Financial Results for the year ended 31 December 2024 (dated 2025-03-31)

  • 2024, 2023: figures from a published summary

    These columns come from a summary of the audited statements, not the full audited financial statements. "These financial results should be read in conjunction with the full set of consolidated and separate financial statements of the Group for the year ended 31 December 2024, which have been audited by Ernst & Young Chartered Accountants (Zimbabwe)." (Auditor's statement, p2) No auditor's report on the summary is printed. Its 'AUDITOR'S STATEMENT' (p2) reads: 'These financial results should be read in conjunction with the full set of consolidated and separate financial statements of the Group for the year ended 31 December 2024, which have been audited by Ernst & Young Chartered Accountants (Zimbabwe). A qualified audit opinion ("except for") has been issued due to the Group's non-compliance with the requirements of International Financial Reporting Standards, specifically International Accounting Standard 21 ("IAS 21") ... in relation to the translation of some opening balances from Zimbabwean Dollars (ZWL) to United States Dollars (USD) on the date of change in functional currency. ... The auditor's report on these financial statements is available for inspection at the Company's registered office.' The document reprints (pp17-22) Ernst & Young's Independent Auditor's Report on the full consolidated and separate financial statements ('set out on pages 12 to 120', not this publication): QUALIFIED opinion — 'In our opinion, except for the effects of the matters described in the 'Basis for Qualified Opinion' section of our report, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of the group and company as at 31 December 2024 ...' (p17). Basis for Qualified Opinion — Non-compliance with IAS 21 'The Effects of Changes in Foreign Exchange Rates' (pp17-18): on the change of functional currency from ZWL to USD (Mashonaland Holdings from 1 January 2023; other subsidiaries from 1 January 2024), the directors adopted USD valuations of investment properties and property and equipment (and, for the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate. Effects stated: consolidated fair value adjustments overstated by ZWG 230 870 237 (2023: understated by the same); gains on property and equipment revaluation overstated by ZWG 264 296 153 (2023: understated by the same); deferred tax in income tax expense understated by ZWG 56 531 518 (2023: overstated by the same); depreciation in operating expenses understated by ZWG 21 333 476; separate fair value adjustments overstated by ZWG 285 042 328; corresponding amounts of investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests affected; 'material however not pervasive'. Key audit matters: expected credit losses on financial assets; valuation of insurance contract liabilities. Signed by hand 'Ernst & Young', Chartered Accountants (Zimbabwe), Registered Public Auditors, Harare, engagement partner Mrs. Elina Bvurere (PAAB 0462), 'Date: 31 March 2025' (p22, page image). Consolidated statement of financial position (with a 31 December 2022 column), statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows, with selected notes (PDF pp2-9) and a chairman's statement and highlights (p1). The ZBFH company (separate) statements are not printed. The same publication bundles the audited results of subsidiaries ZB Bank Limited (pp10-13) and ZB Building Society (pp14-16), not transcribed here.

    Source: Audited Financial Results for the year ended 31 December 2024 (dated 2025-03-31)

  • Net interest income

    ZWG 475 million

    474,522,182 ZWG units · p2

    +13.7% vs 2023

    Printed 'Net interest income' (p2), 474 522 182 for 2024.

  • Total income

    ZWG 3.21 billion

    3,210,808,568 ZWG units · p2

    +39.1% vs 2023

    Printed 'Total income' (p2), the group's top-line income subtotal for banking, insurance and other income; no line labelled total operating income is printed.

  • Net profit for the year

    ZWG 1.17 billion

    1,167,034,245 ZWG units · p2

    +3.8% vs 2023

    Printed 'Net profit for the year' (p2).

  • Total assets

    ZWG 14.4 billion

    14,382,714,004 ZWG units · p2

    +103.7% vs 2023

    Printed 'Total assets' (p2).

  • Deposits and other accounts

    ZWG 5.48 billion

    5,483,003,415 ZWG units · p2

    +120.4% vs 2023

    Printed 'Deposits and other accounts' (p2).

  • Total equity

    ZWG 6.64 billion

    6,640,590,949 ZWG units · p2

    +125.3% vs 2023

    Printed 'Total equity' (p2).

Large amounts are rounded for reading (ZWG million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZWG units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2024 — published summary of audited statements (summary), final status not established; reported for the year · source
  • FY2023 — published summary of audited statements (summary), final status not established; comparative in the FY2024 filing · source
    • 2024, 2023: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. "These financial results should be read in conjunction with the full set of consolidated and separate financial statements of the Group for the year ended 31 December 2024, which have been audited by Ernst & Young Chartered Accountants (Zimbabwe)." (Auditor's statement, p2) No auditor's report on the summary is printed. Its 'AUDITOR'S STATEMENT' (p2) reads: 'These financial results should be read in conjunction with the full set of consolidated and separate financial statements of the Group for the year ended 31 December 2024, which have been audited by Ernst & Young Chartered Accountants (Zimbabwe). A qualified audit opinion ("except for") has been issued due to the Group's non-compliance with the requirements of International Financial Reporting Standards, specifically International Accounting Standard 21 ("IAS 21") ... in relation to the translation of some opening balances from Zimbabwean Dollars (ZWL) to United States Dollars (USD) on the date of change in functional currency. ... The auditor's report on these financial statements is available for inspection at the Company's registered office.' The document reprints (pp17-22) Ernst & Young's Independent Auditor's Report on the full consolidated and separate financial statements ('set out on pages 12 to 120', not this publication): QUALIFIED opinion — 'In our opinion, except for the effects of the matters described in the 'Basis for Qualified Opinion' section of our report, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of the group and company as at 31 December 2024 ...' (p17). Basis for Qualified Opinion — Non-compliance with IAS 21 'The Effects of Changes in Foreign Exchange Rates' (pp17-18): on the change of functional currency from ZWL to USD (Mashonaland Holdings from 1 January 2023; other subsidiaries from 1 January 2024), the directors adopted USD valuations of investment properties and property and equipment (and, for the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate. Effects stated: consolidated fair value adjustments overstated by ZWG 230 870 237 (2023: understated by the same); gains on property and equipment revaluation overstated by ZWG 264 296 153 (2023: understated by the same); deferred tax in income tax expense understated by ZWG 56 531 518 (2023: overstated by the same); depreciation in operating expenses understated by ZWG 21 333 476; separate fair value adjustments overstated by ZWG 285 042 328; corresponding amounts of investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests affected; 'material however not pervasive'. Key audit matters: expected credit losses on financial assets; valuation of insurance contract liabilities. Signed by hand 'Ernst & Young', Chartered Accountants (Zimbabwe), Registered Public Auditors, Harare, engagement partner Mrs. Elina Bvurere (PAAB 0462), 'Date: 31 March 2025' (p22, page image). Consolidated statement of financial position (with a 31 December 2022 column), statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows, with selected notes (PDF pp2-9) and a chairman's statement and highlights (p1). The ZBFH company (separate) statements are not printed. The same publication bundles the audited results of subsidiaries ZB Bank Limited (pp10-13) and ZB Building Society (pp14-16), not transcribed here.

Income statement

Income statement, ZWG units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
effective interest rate method 588,551,881 504,972,821
Other interest and related income 9,749,451 4,297,251
effective rate method1 (122,740,814) (90,949,191)
Other interest and related expense2 (1,038,336) (887,279)
Net interest income 474,522,182 417,433,602
Loan impairment charges, net recoveries (104,285,670) (125,797,950)
Net income from lending activities3 370,236,512 291,635,652
Insurance revenue 424,303,215 442,102,781
Insurance service expense (328,391,413) (838,937,295)
Allocation of Reinsurance Premiums4 (108,878,194) (71,590,461)
for incurred claims5 5,808,418 128,008,047
Insurance service result (7,157,974) (340,416,928)
from insurance contracts (108,539,394) 194,297,321
Reinsurance finance expenses from reinsurance contracts6 114,474 78,985
Net Insurance Financial Result (108,424,920) 194,376,306
through profit or loss7 839,123 (79,620,402)
Commissions and fees 1,157,775,376 658,196,629
Other operating income 1,582,595,140 948,312,821
Fair value adjustments8 214,945,311 635,341,254
Total income9 3,210,808,568 2,307,825,332
Operating expenses (1,784,850,496) (1,625,760,087)
Profit from ordinary activities 1,425,958,072 682,065,245
Share of associate companies profit net of tax (124,789,243) 72,944,142
Effects of inflation adjustments10 –11 483,362,343
Profit before taxation 1,301,168,829 1,238,371,730
Income tax expense (134,134,583) (114,061,523)
Net profit for the year 1,167,034,245 1,124,310,207
Non-controlling interests12 17,629,083 111,870,325
Other comprehensive income for the year, net of tax 2,549,749,280 (1,004,740,482)
Total comprehensive income for the year 3,716,783,525 119,569,725
  1. Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
Notes and alternative reported figures (11)
  1. “effective rate method” is an issuer-specific line, not mapped to a shared definition: Note 13.2.
  2. “Other interest and related expense” is an issuer-specific line, not mapped to a shared definition: Note 13.2.
  3. “Net income from lending activities” is an issuer-specific line, not mapped to a shared definition: Net interest income after loan impairment charges.
  4. “Allocation of Reinsurance Premiums” is an issuer-specific line, not mapped to a shared definition: Note 14.3: allocation of reinsurance premiums paid.
  5. “for incurred claims” is an issuer-specific line, not mapped to a shared definition: Note 14.3.
  6. “Reinsurance finance expenses from reinsurance contracts” is an issuer-specific line, not mapped to a shared definition: Note 14.4.
  7. “through profit or loss” is an issuer-specific line, not mapped to a shared definition: Fair value movement on financial liabilities at FVTPL.
  8. “Fair value adjustments” is an issuer-specific line, not mapped to a shared definition: Fair value adjustments as printed (investment property and financial assets); see the qualified audit opinion.
  9. “Total income” is an issuer-specific line, not mapped to a shared definition: Net income from lending, insurance and financial results, commissions, other income and fair value adjustments, before operating expenses.
  10. “Effects of inflation adjustments” is an issuer-specific line, not mapped to a shared definition: Net monetary effect of IAS 29 inflation adjustments (2023 only).
  11. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Profit for the year attributable to non-controlling interests.

Balance sheet

Balance sheet, ZWG units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Cash and cash equivalents 2,902,848,808 1,036,478,989
Treasury bills1 878,799,829 330,157,187
Mortgages and other advances 3,988,679,045 2,104,055,481
Financial assets held at fair value through profit or loss 668,559,857 309,322,895
Financial assets held at amortised cost 83,650,095 35,105,924
Inventories 37,594,100 7,905,534
Trade and other receivables 442,995,745 341,006,854
Assets held for sale2 –3 47,466,296
Reinsurance contract assets 110,925,292 124,745,943
Insurance contract assets –3 112,805,955
Investments in associates 72,472,415 102,034,437
Property and equipment 1,412,673,553 744,998,846
Investment properties 3,543,156,990 1,696,614,680
Intangible assets 198,322,082 23,842,987
Right of use assets 26,941,617 42,392,526
Deferred tax asset 15,094,576 3,293,477
Total assets 14,382,714,004 7,062,228,011
Deposits and other accounts 5,483,003,415 2,488,251,026
Trade and other payables 1,231,398,440 759,347,774
Investment contract liabilities 175,413,650 96,481,041
Current tax liabilities 93,665,129 18,963,005
Long term borrowings –4 41,509
Offshore borrowings5 234,531,818 221,920,345
Reinsurance contract liabilities –4 13,606,449
Insurance contract liabilities 268,691,070 322,458,869
Lease liabilities6 33,662,559 27,481,249
Deferred tax liabilities 221,756,974 166,136,735
Total liabilities 7,742,123,055 4,114,688,002
Share capital 3,878 4,288,875
Share premium 285,183 66,645,368
Other components of equity 2,553,261,736 791,496,111
Retained income 2,226,061,786 1,081,369,692
Equity Reserve7 70,645,182 –8
Attributable to equity holders of parent 4,850,257,765 1,943,800,046
Non-controlling interests 1,790,333,184 1,003,739,963
Total equity 6,640,590,949 2,947,540,009
Total equity and liabilities 14,382,714,004 7,062,228,011
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (5)
  1. “Treasury bills” is an issuer-specific line, not mapped to a shared definition: Note 3: treasury bills (RBZ and secondary market), printed as a separate line.
  2. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Assets held for sale.
  3. “Offshore borrowings” is an issuer-specific line, not mapped to a shared definition: Note 11: offshore lines of credit (unclassified balance sheet).
  4. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 12: lease liabilities (unclassified balance sheet).
  5. “Equity Reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve created in 2024 by transfer from share capital and share premium.

Cash flow

Cash flow, ZWG units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Cash generated from operating activities (102,424,332) (1,171,724,676)
Interest and related income received1 598,301,332 509,270,072
Dividends received2 14,062,978 9,655,767
Interest and related expense paid3 (123,779,150) (91,836,470)
Income tax paid (82,251,874) (46,004,376)
Interest paid lease liability (1,778,869) (8,087,253)
Interest expense on offshore borrowings (25,792,694) (29,219,086)
Net cash generated from / (used in) operating activities 276,337,391 (827,946,022)
Purchase of investment property4 (266,162,811) (65,958,324)
Purchase of intangible assets (158,774,316) (9,942,222)
Purchase of property and equipment (162,926,480) (78,685,361)
Proceeds on disposal of property and equipment 18,003,908 4,216,692
Proceeds on disposal of investment property5 47,466,296 20,346,468
Purchase of investment securities6 (150,104,629) (95,358,658)
Proceeds on disposal of investment securities7 153,060,738 44,157,526
Net cash used in investing activities (519,437,294) (181,223,879)
Dividends paid8 (15,063,051) (16,899,140)
Lease capital payments (4,195,526) (8,197,291)
Proceeds from offshore borrowings 281,438,182 991,090,218
Repayments on offshore borrowings (259,278,086) (1,145,779,655)
Acquisition of non-controlling interests9 (8,669,534) (31,078,270)
Net cash used in financing activities (5,768,015) (210,864,138)
Decrease in cash and cash equivalents (248,867,918) (1,220,034,039)
Cash and cash equivalents at beginning of year 1,036,478,989 1,223,027,115
and cash equivalents10 681,608,984 (420,867,948)
cash equivalents 1,433,628,753 862,829,778
cash equivalents11 –12 591,524,083
Cash and cash equivalents at end of year 2,902,848,808 1,036,478,989
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_at_end.
Notes and alternative reported figures (11)
  1. “Interest and related income received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  3. “Interest and related expense paid” is an issuer-specific line, not mapped to a shared definition: Operating activities: interest paid on deposits and other funding.
  4. “Purchase of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Proceeds on disposal of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  6. “Purchase of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Proceeds on disposal of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Dividends paid” is an issuer-specific line, not mapped to a shared definition: Financing activities: dividends paid to owners of the parent and to non-controlling interests (changes in equity, p2).
  9. “Acquisition of non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  10. “and cash equivalents” is an issuer-specific line, not mapped to a shared definition: Printed between opening and closing cash, outside the decrease in cash.
  11. “cash equivalents” is an issuer-specific line, not mapped to a shared definition: Printed between opening and closing cash, outside the decrease in cash (2023 only).

Per share and shares

Per share and shares. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Earnings / (loss) per share (per share)3 7.301 6.432
Profit / (loss) attributable to shareholders (ZWG units)4 1,149,405,162 1,012,439,882
  1. Printed as 730 cents; value converted to ZWG at 100 cents = 1 ZWG.
  2. Printed as 643 cents; value converted to ZWG at 100 cents = 1 ZWG.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and fully diluted earnings per share (ZWG cents)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Audited Financial Results for the year ended 31 December 2024

    Year ended 31 December 2024 · Published summary of audited statements (summary) · final status not established

    Audit: Ernst & Young Chartered Accountants (Zimbabwe) (named); no auditor's opinion on the full statements in this document

    Final status: Published summary ('Audited Financial Results') filed with the ZSE. The chairman's statement is closed with the typeset name 'A. Makamure (Chairman)' and the date 31 March 2025, no signature (PDF p1, page image). The independent auditor's report reprinted on PDF pp17-22 (Ernst & Young, signed by hand, Harare, 31 March 2025, PDF p22, page image) covers the full consolidated and separate financial statements ('set out on pages 12 to 120'), not this publication, and is qualified; no auditor's report on the summary itself is printed. No board approval date is printed for the group statements.

    Document date
    31 Mar 2025
    Published
    1 Apr 2025
    Auditor's report
    date not recorded
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    consolidated statements · ZWG units (printed “ZWG”)
    • Basis for Qualified Opinion — Non-compliance with IAS 21 “The Effects of Changes in Foreign Exchange Rates”: on the change of functional currency from ZWL to USD (Mashonaland Holdings on 1 January 2023, all other subsidiaries on 1 January 2024) the directors used USD valuations, or restated 31 December 2023 fair values, for investment properties and property and equipment (and, in the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate as IAS 21 requires; as a result consolidated fair value adjustments are overstated by ZWG 230 870 237 (2023: understated by ZWG 230 870 237), gains on property and equipment revaluation are overstated by ZWG 264 296 153 (2023: understated by ZWG 264 296 153), the deferred tax movement in income tax expense is understated by ZWG56 531 518 (2023: overstated by ZWG56 531 518), depreciation in operating expenses is understated by ZWG 21 333 476, and in the separate statements fair value adjustments are overstated by ZWG285 042 328 (2023: understated 285 042 328); the corresponding amounts for investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests are also affected, the report is modified for the effect on comparability, and the misstatements are 'material however not pervasive' (Ernst & Young, opinion on the consolidated and separate financial statements, PDF pp17-18); this is the auditor's report on the underlying full statements, reprinted in the summary, not an opinion on the summary
    • Functional currency USD, presentation currency ZWG (IAS 21). 2023 comparatives are marked '*Restated': previously presented in inflation-adjusted ZWL (IAS 29), translated to USD and then to ZWG at 13.5616 (5 April 2024) (notes under the statements, p2). Closing cash is reached from the decrease in cash through presentation-currency, exchange-rate and inflation effects printed after opening cash (p2).
    • Retained income is printed as 2 226 061 786 on the statement of financial position and 2 226 061 785 in the statement of changes in equity (p2): a one-unit rounding difference.
    • No auditor's report on the summary is printed. Its 'AUDITOR'S STATEMENT' (p2) reads: 'These financial results should be read in conjunction with the full set of consolidated and separate financial statements of the Group for the year ended 31 December 2024, which have been audited by Ernst & Young Chartered Accountants (Zimbabwe). A qualified audit opinion ("except for") has been issued due to the Group's non-compliance with the requirements of International Financial Reporting Standards, specifically International Accounting Standard 21 ("IAS 21") ... in relation to the translation of some opening balances from Zimbabwean Dollars (ZWL) to United States Dollars (USD) on the date of change in functional currency. ... The auditor's report on these financial statements is available for inspection at the Company's registered office.' The document reprints (pp17-22) Ernst & Young's Independent Auditor's Report on the full consolidated and separate financial statements ('set out on pages 12 to 120', not this publication): QUALIFIED opinion — 'In our opinion, except for the effects of the matters described in the 'Basis for Qualified Opinion' section of our report, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of the group and company as at 31 December 2024 ...' (p17). Basis for Qualified Opinion — Non-compliance with IAS 21 'The Effects of Changes in Foreign Exchange Rates' (pp17-18): on the change of functional currency from ZWL to USD (Mashonaland Holdings from 1 January 2023; other subsidiaries from 1 January 2024), the directors adopted USD valuations of investment properties and property and equipment (and, for the company, recomputed investments in subsidiaries) instead of translating the ZWL inflation-adjusted amounts at the spot rate. Effects stated: consolidated fair value adjustments overstated by ZWG 230 870 237 (2023: understated by the same); gains on property and equipment revaluation overstated by ZWG 264 296 153 (2023: understated by the same); deferred tax in income tax expense understated by ZWG 56 531 518 (2023: overstated by the same); depreciation in operating expenses understated by ZWG 21 333 476; separate fair value adjustments overstated by ZWG 285 042 328; corresponding amounts of investments in subsidiaries, investment properties, property and equipment, deferred tax, retained income, revaluation reserve and non-controlling interests affected; 'material however not pervasive'. Key audit matters: expected credit losses on financial assets; valuation of insurance contract liabilities. Signed by hand 'Ernst & Young', Chartered Accountants (Zimbabwe), Registered Public Auditors, Harare, engagement partner Mrs. Elina Bvurere (PAAB 0462), 'Date: 31 March 2025' (p22, page image).
    • Consolidated statement of financial position (with a 31 December 2022 column), statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows, with selected notes (PDF pp2-9) and a chairman's statement and highlights (p1). The ZBFH company (separate) statements are not printed. The same publication bundles the audited results of subsidiaries ZB Bank Limited (pp10-13) and ZB Building Society (pp14-16), not transcribed here.
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    22 pages, with a text layer
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    2d29eba6ba364e4ff94e266aa1d768f9b6c794fdc4d8df4eb773b6b8cf676858
    Entity as printed
    ZB Financial Holdings Limited and its subsidiaries ('the Group')
    Exchange copy
    retrieved 2026-10-08T18:05:19Z

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