NMB Holdings Limited (Zimbabwe) 2022 First Quarter Trading Update

By Published On: May 16th, 2022Categories: Corporate announcement, Earnings

NMBZ Holdings Limited (NMB.zw) Q12022 Interim Report

NMBZ Holdings Limited (“The Group”) hereby issues the following Trading Update for the First Quarter ended 31 March 2022 (“Q1 2022”). The Zimbabwe Stock Exchange (“ZSE”) has authorised the issue of this Trading Update in compliance with rule 35(5) of the ZSE Listing Requirements, set out in Statutory Instrument 134 of 2019, read in conjunction with the ZSE Practice Note entitled “Publication of Interim Financial Public Reports for the First and Third Quarters in terms of section 35(5)” (“Practice Note 9”).

TRADING ENVIRONMENT

The first quarter was negatively impacted by the conflict between Russia and Ukraine which began in February 2022 resulting in global trade disruptions and inflation given that these two countries account for 25% of global trade. On the domestic front, month-on-month (M.o.M) inflation increased from 1.6% in 2021 to 7% by March 2022 while year-on-year (Y.o.Y) closed at 72%. The local currency depreciated by 13% during the first quarter.

CORPORATE DEVELOPMENTS

The Group’s banking subsidiary has, in the first quarter, focused its efforts on enhancing customer experience and ensuring a seamless and frictionfree customer journey. In the period under review, 3 enhancements were made to our channels, namely;
1. USSD Virtual Assistant was implemented on the *241# platform to enable customers to log their queries. This feature provides an additional touchpoint, through which our customers can access assistance on their queries.
2. Digital Card Issuance was implemented on the *241# platform. The solution will ensure that customers self initiate the application of debit cards and set their preferred PIN on the USSD platform without completing any forms.
3. In line with ongoing efforts to onboard more partners to the NMBConnect platform, additional billers were added to the platform to ensure ease of payment for our customers.

TRADING PERFORMANCE

CAPITALISATION AND GOING CONCERN

The Group and the Bank (regulated subsidiary) are well capitalised and the Directors will ensure that the capital levels remain adequate.

The Group, through its banking unit will continue to accelarate the digitisation strategy with the main aim being to provide seemless digital financial solutions to our clients.

By Order of the Board

Violet Mutandwa
Company Secretary

13 May 2022

NMBZ Holdings Limited (NMB.zw)

Share price: 2,866.67 ZWL cents (66.67 | 2.38% – 27/06/22)

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