NMB.zw | Release of 2015 annual report

By Published On: April 26th, 2016Categories: Corporate announcement, Earnings

The Board of Directors of NMBZ Holdings Limited announces the release of the 2015 annual report. Below are some excerpts from the Chairman’s statement:

INTRODUCTION

The Group has continued to make significant progress towards attaining its short and medium term goals and recorded an attributable profit of US$5 490 068 in 2015 which was a material improvement from an attributable profit of US$1 667 247 recorded in 2014. The significant improvement in the operating results was largely underpinned by the bank’s decision to broaden its target market, stricter credit underwriting standards and concerted efforts to contain non-performing loans…

GROUP RESULTS

Financial position

The Group’s total assets grew by 17% from US$286 049 034 as at 31 December 2014 to US$333 831 107 as at 31 December 2015.

Gross loans and advances increased by 12% from US$217 463 319 as at 31 December 2014 to US$243 241 018 as at 31 December 2015 mainly due to an increase in loans advanced to the broader market segments. The Bank’s non-performing loans ratio reduced to 13.19% at 31 December 2015 from 17.74% at 31 December 2014…

DIVIDEND

In view of the need to retain cash in the business and to strengthen the statutory capital requirements for the banking subsidiary, the Board has proposed not to declare a dividend.

CORPORATE DEVELOPMENTS

Three new branches were opened in Kwekwe, Masvingo and Borrowdale (Harare). The Borrowdale Excellence Centre caters for the bank’s high networth customers and this service is also available at all our branches in the major cities and towns.

OUTLOOK AND STRATEGY

As initiated in September 2014, the Group continued to broaden the market catchment segment for the banking subsidiary by tapping into some segments of the mass market. The uptake of the mass market products has been phenomenal and the Group will continue to focus on growth opportunities available in this sector without compromising the service excellence which is synonymous with our flagship bank. Our key differentiators in the financial services sector will continue to be service excellence, technology leadership, agility and quick response times and all these will be buttressed by our experienced and diversified human capital.

DIRECTORATE

Mr. T. N. Mundawarara resigned as a director of NMBZ Holdings Limited and NMB Bank Limited with effect from 19 March 2015. Mr. A.M.T. Mutsonziwa and Mr. J. Chigwedere retired and did not seek re-election at the Annual General Meeting held on 21 May 2015…

APPRECIATION

I would like to express my sincere gratitude and appreciation to our valued clients who have continued to support us during this transition to become a mass market bank, our shareholders and the regulatory authorities for their valuable support during the period under review. My appreciation also goes to my fellow board members, management and staff for their continued dedication and commitment which has underpinned the achievement of these results in the face of an increasingly difficult operating environment.

B. A. CHIKWANHA
CHAIRMAN

Related download
2015 Annual report

NMBZ Holdings Limited (NMB.zw)

Share price: 1,700.00 ZWL cents (0.00 | 0.00% – 12/08/22)

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