Mar
22
We are pleased to release our Condensed Audited Consolidated Results for Year Ended 31 December 2017. Below are some excerpts from the results and presentation:
The Operating Environment
- The economy continued to be faced with nostro funding challenges, cash shortages, job losses, inflationary pressures and company closures.
- The GDP growth rate for 2017 was estimated at 3.7%.
- The country’s year-on-year inflation closed 2017 at 3.46% and the RBZ expects inflation to average 3.7% for 2018 which is in line with SADC benchmark of 3% to 7%.
- Credit creation was constrained due to economic challenges.
- The interest caps to a maximum of 12% pa for the productive sector were effected from 1 April 2017 and this affected interest yields on loans and advances in the year under review.
- Transactions have shifted to the digital channels due to cash shortages and increased digital footprint.
- Political leadership transition in November 2017, followed by re-engagement efforts with the international community.
- Notable increase in interest from foreign investors raising prospects of an economic turnaround.
Financial Summary |
31 Dec 2017 | 31 Dec 2016 |
| Total income (US$) | 53 606 281 | 51 520 403 |
| Operating profit before impairment charge (US$) | 16 870 839 | 14 268 630 |
| Total comprehensive income (US$) | 10 029 136 | 5 055 196 |
| Basic EPS (US cents) | 2.58 | 1.32 |
| Total deposits (US$) | 348 956 385 | 260 550 383 |
| Total gross loans and advances (US$) | 211 005 418 | 205 858 392 |
| Total shareholders’ funds and shareholders’ liabilities (US$) | 65 651 843 | 55 600 406 |
Related downloads
- – NMBZ Condensed Audited Consolidated Results for Year Ended 31 December 2017
- – NMBZ Press and Analysts Briefing Presentation – Results for Year Ended 31 December 2017
