NMB.zw | Audited results and analyst presentation for FY ended 31 Dec 14

Mar 26

NMB.zw | Audited results and analyst presentation for FY ended 31 Dec 14

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The Board of Directors of NMBZ Holdings Limited announces the release of the financial results for the full year ended 31 December 2014 and the analyst presentation. Below are some excerpts from the financial report and analyst presentation:

Mr Benefit Washaya, Acting Chief Executive Officer and Managing Director (left) and Mr Benson Ndachena, Chief Financial Officer (right) at the recent analyst briefing

Introduction

The Group recorded an attributable profit of US$1 667 247 which was an improvement from an attributable loss of US$3 321 823 recorded in 2013. The improvement in the operating results was underpinned by the current efforts being made by the Group to contain non-performing loans, implementation of a new credit system and the repositioning of the Bank in the financial services sector.

Commentary on operating results

The profit before taxation was US$2 425 522 during the period under review and this gave rise to an attributable profit of US$1 667 247. Total income for the period decreased by 4% from a prior year of US$50 135 302 to US$48 078 454 which is comprised of interest income of US$31 072 461 (2013 – US$33 181 704), fee and commission income of US$15 121 536 (2013 – US$14 673 834), net foreign exchange gains of US$1 822 432 (2013 – US$1 502 044) and non – interest income of US$62 025 (2013 – US$777 720)…

Statement of financial position

The Group’s total assets grew by 10% from US$259 483 112 as at 31 December 2013 to US$286 049 034 as at 31 December 2014. The assets comprised mainly of loans, advances and other assets(US$203 363 052) (2013 – US$181 316 271), investment securities held to maturity (US$3 874 525) (2013 – US$4 685 471), investment in debentures (US$4 614 047) (2013 – US$3 984 723), cash and short term funds (US$54 750 561) (2013 – US$48 871 983), investment properties (US$4 453 300) (2013 – US$4 385 300), non-current assets held for sale (US$2 267 300) (2013 – US$2 303 300) and property and equipment (US$6 345 267) (US$2013 – US$7 372 943)…

Appreciation

I would like to express my sincere gratitude and appreciation to our valued clients, shareholders and the regulatory authorities for their continued 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.

T N MUNDAWARARA
CHAIRMAN