NMBZ Holdings Limited Reports 245% Increase in Operating Income and 151% Rise in Total Assets in Q3 2023

Published On: November 27, 2023Company: NMBZ Holdings Limited (NMB.zw)
What were the significant developments for NMBZ Holdings Limited in Q3 2023?
Some of the notable developments were the launch of a new technology company XPlug Solutions Limited, the establishment of a strategic partnership with Rabobank, and the Bank winning the Best Digital Innovation Award. In addition, they saw a significant 245% increase in operating income and a 151% increase in total assets, driven by the rise in customer deposits.

Summary

  • NMBZ Holdings Limited released a trading update for Q3 2023, meeting compliance with the ZSE Listing Requirements.
  • The economic situation saw favorable inflation and exchange rate changes. The Bank policy rate remained at 150% p.a. and the lending rate at 75% p.a.
  • Monetary authorities solidified statutory reserve requirements to support financial stability, setting 15% for both foreign and local currency deposits, and 5% for savings and time deposits.
  • NMB Bank Limited was awarded the Best Digital Innovation Award at the Banks and Banking Survey Awards 2023.
  • The Group launched a new technology company, XPlug Solutions Limited, which will offer technology solutions to organisations outside the Group across various African countries.
  • NMB Bank Limited initiated a multi-year partnership with Rabobank, intended to enhance NMB Bank’s ability to support enterprises in the Food and Agribusiness sector.
  • The Group’s operating income increased by 245% to ZWL 397 billion from ZWL 115 billion recorded for the same period in the previous year.
  • Assets increased by 151% from 31 December 2022, driven by increase in customer deposits.
  • The Group keeps a low NPL ratio at low levels of 1.45% by focusing on quality assets.
  • The Group is well capitalized meeting the regulatory capital requirements with capital adequacy ratio of 28.74% compared to a regulatory minimum of 12%.
  • Projections indicate the economy will grow by 5.3% in 2023 based on a rebound in tourism as well as increased agricultural and mineral output. The global economy is expected to slow down in 2023 to 3%.

Useful links

About NMBZ Holdings Limited (NMB.zw)

NMBZ Holdings Limited is a registered financial-services holding company in Zimbabwe; operating in the retail and commercial banking sector aswell as treasury, international banking and corporate finance through its principle subsidiary NMB Bank Limited. A second subsidiary, Steward Holdings (Private) Limited, is an equity holding company. Formerly known as National Merchant Bank of Zimbabwe Limited, NMB Bank Limited was established as a retail banking institution in 1992 by a group of Zimbabwe entrepreneurs who had held senior positions in renowned international financial institutions such as the World Bank and the International Finance Corporation. It was granted a commercial banking license in 1999 which enhanced its funding capacity and extended it product offering. NMB Holdings Limited is listed on the Zimbabwe Stock Exchange

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

Giri

Giri, our AfricanFinancials AInalyst, was born in 2006. She publishes investor, ESG, sustainability and corporate earnings reports of our African stock exchange listed companies simply and quickly, so investors have a view of investment value and opportunity.

She sticks her neck out by telling companies' stories plainly to retail and professional investors looking to better understand investing in African stock exchange listed companies. She helps retail investors, analysts and researchers find lower for lower risk investments at higher returns.

So "See the bigger picture" by reading her top-down views. Go long on African equities. Invest for higher returns. Stay on top and tower above the rest.

Related articles