The Board of Directors of NMBZ Holdings Limited announce the release of the financial results and analysts’ presentation for the half year ended 30 June 2013. Below are some excerpts from the Chairman’s statement:
CHAIRMAN’S STATEMENT
Introduction
These results were achieved under a relatively subdued economic and operating environment which was characterised by an illiquid market and a general tightening in the economy in light of the national elections on 31 July 2013…
Group results
Compliance with International Financial Reporting Standards
The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)…
Commentary on operating results
The profit before taxation was US$3 812 214 during the period under review and this gave rise to an attributable profit of US$2 672 911…
Dividend
In view of the need to retain cash in the business and to strengthen the statutory capital requirements for the banking subsidiary, the Board has proposed not to declare a dividend.
Statement of financial position
The Group’s total assets grew by 17% from US$226 533 682 as at 31 December 2012 to US$264 784 407 as at 30 June 2013…
Capital
The banking subsidiary’s capital adequacy ratio at 30 June 2013 calculated in accordance with the guidelines of the Reserve Bank of Zimbabwe (RBZ) was 18.4% (31 December 2012 – 15.5%)…
Outlook and strategy
We eagerly wait to see whether the economic environment will now become more certain and predictable post the recent harmonised elections, whatever the case, the Group will continue to scout for more international lines of credit. The Group will also explore growth opportunities in other market segments.
Appreciation
I would like to pay tribute to our valued clients, shareholders and regulatory authorities for their continued support in the period under review. I would also like to thank my fellow board members, management and staff for their profound commitment and dedication which has made the achievement of these results possible in the face of a subdued economic environment.
T N MUNDAWARARA
CHAIRMAN
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