NMBZ records half-year profit before tax of $11,8 million

NMBZ Holdings, NMB Bank’s holding company, recorded a profit before tax of $11 757 594 for the half-year ended June 30, 2018, resulting in total comprehensive income of $9 086 483.

This was an increase of 155 percent compared to the same period last year, when comprehensive income stood at $3 556 915. The group achieved earnings of 2,34 cents per share compared to 0,93 cents in the same period last year.

Briefing analysts today (Tuesday) on the group’s half-year results, NMBZ chief executive Ben Washaya said the operating environment had continued to be challenging due to nostro funding challenges, cash shortages and inflationary pressures.

He said there appeared to have been a wait and see attitude as the country moved towards the elections. However, in the period leading up to the elections there had been greater openness than before. Economic reforms and engagement would be key in the period ahead, he said.

He said tobacco sales had reached a record high of 249 million kilogrammes. “Gold appears to be heading in the same direction,” he said.

The bank’s focus had been on increasing its customer base and transactional volumes. There had been a high level of transactional activities.

The non-performing loans ratio had come down from 10,7 percent at the end of June last year to 6,12 percent at June 30 this year. The bank hoped to have reduced it to five percent by the end of this year.

Total deposits at June 30, 2018, amounted to $364 580 517 compared to $273 478 790 at June 30, 2017, and $348 956 385 at December 31, 2017.

NMBZ chief finance officer Benson Ndachena said…

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