NMBZ Holding Limited is pleased to announce the Interim management results statement for the nine months ended 30 September 2019. Below is an extract from the Chief Executive Officer’s comment.
Commenting on the inflation adjusted performance for the 9 months ended 30 September 2019, Mr Benefit Peter Washaya, the Group Chief Executive Officer, said:
“The year to date Group profits before tax increased by 103% to ZWL146.1 million from ZWL72.0 million for the 9 months ended 30 September 2018 largely driven by translation gains on foreign currency balances, investment properties fair value gains and fee and commission income and these were partly offset by the loss on net monetary position arising from the hyper-inflationary accounting basis adopted by the Group.
In order to fund the growth initiatives being pursued by the Group, the Board resolved not to declare an interim dividend.
I wish to extend my appreciation to the Board, my fellow management and staff for their relentless efforts, which have culminated in the achievement of these results recorded by the Group in the period under review. I also wish to express my heartfelt appreciation to our valued clients who have continued to support the Bank.
The Bank continued with its financial inclusion drive and this has seen the opening of a significant number of low cost accounts via our NMBLite product. We continued to invest in digital channels to support a cashless society and in this regard, the Bank has continued to rollout mPOS devices to SMEs and the informal sector and the take up has been quite positive, much to the convenience of the transacting public and our valued customers.
The Bank opened a branch in the resort town of Victoria Falls on 9 September 2019 for the convenience of the tourist town’s residents and visitors. The construction of our new Head Office along Borrowdale Road is progressing well and the new building should be ready for occupation in the first half of 2020.
The Bank’s focus remains that of increasing its customer base and transactional volumes anchored on the Bank’s digital strategy”.
Related download
NMBZ | 2019 Q3 Interim management results.pdf
