NMB returns to profitability


NMBZ Holdings has posted a $1.6 million net profit for the full year to December compared to a loss of $3.3 million reported in prior year, buoyed by cost cuts and a good loan book despite a slight decline in interest income.

The group, which is listed on the London and Zimbabwe stock exchanges, went on an aggressive campaign to keep its non-performing loans under check resulting in impairments dropping to $5 million from $16.6 million in 2013. Interest income declined to $31 million from $33 million while interest expenses also dropped to $12.6 million from $13 million.

“The improvement in the operating results was underpinned by current efforts being made by the group to contain non-performing loans, implementation of a new credit system and the repositioning of the bank in the financial services sector,” former chairman Tendai Mundawarara said in a statement accompanying the financials.

The group’s total deposits also surged to $235 million from $211 million and shareholders’ funds increased by four percent to $45 million. No dividend was declared for the period.-The Source


Don't be shellfish... Please SHARETweet about this on Twitter
Share on Facebook
Share on LinkedIn
Email this to someone
Print this page

Like it? Share with your friends!

Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


Your email address will not be published. Required fields are marked *