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.


  • 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%.

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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

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