The Board of Directors of NMBZ Holdings Limited announces the release of the 2016 annual report. Below are some excerpts from the Chairman’s statement:
The Group has continued to make some progress towards attaining its short and medium term goals despite an increasingly challenging operating environment. The economy has continued to be dogged by nostro funding challenges, cash shortages, job losses, deflationary pressures and company closures and these have continued to worsen default risk….
The profit before taxation was US$ 6 208 904 during the period under review and this gave rise to total comprehensive income of US$5 055 196…
In view of the need to retain cash in the business and to strengthen the statutory capital requirements for the banking subsdiary, the Board has proposed not to declare a dividend.
OUTLOOK AND STRATEGY
The Group has continued to broaden the market catchment for the banking subsidiary by tapping into some segments of the mass market and this saw the launch in August 2016 of the NMBLite product offering which is targeted at the low income segment. The uptake of the mass market products has been encouraging and this has contributed to the financial inclusion agenda.
The Bank has accelerated the deployment of POS machines throughout the country and has enhanced all the e-channels for the convenience of our transacting customers in the current environment which is characterised by cash shortages.
CORPORATE SOCIAL INVESTMENTS
We remain committed to playing an active role in the communities we serve. Our social investments during the year were channelled into the country’s educational system, the disadvantaged, vulnerable groups, protection of the environment, wildlife conservation, the arts and various sporting disciplines. The activities and charities supported during the year included Tinokwirira Special School, Deaf Zimbabwe Trust, Birdlife Zimbabwe, Hockey Association of Zimbabwe, Kwekwe and Sanyati Districts Better Schools Programme initiatives and many other charity golf tournaments.
The low cost NMBLite account, which is targeted at the low income sector, was launched in August 2016. The Bank relaunched the mobile banking platform which now incorporates Android and Apple applications.
I would like to express my appreciation to our clients, shareholders and regulatory authorities for their continued support. I would also like to thank my fellow Board members, management and staff for their steadfast commitment, dedication and passion which has seen the achievement of these results in the face of an increasingly challenging operating environment.
MR. B. A. CHIKWANHA
2016 Annual report.pdf