NMBZ in strong financial footing
Financial services group, NMBZ Holdings Limited, has reported strong financial performance for the year to December 2022, with operating income almost doubling to $42 billion from $23,9 billion, largely driven by growth in transaction volumes and values.
The group achieved a profit after tax of $12 billion, representing a growth of 69 percent, and basic earnings per share amounted to 3014 cents.
However, inflation pressures and a deteriorating exchange rate, presented challenges on operating costs, leading to an increase in costs by 57 percent. To address this, the group is focusing on revamping processes to increase efficiencies, with the use of robotic process automation being a key initiative.
“NMB Bank Limited continues to focus on extending its leadership in technology and innovation, building trusted relationships, and developing differentiated products and services to create more value for customers. Our entire customer journey is fully digitised, from account opening, transacting and even cash operations,” said the group.
The group’s financial position also improved, with total assets increasing by 34 percent to $135,3 billion, funded by growth in customer deposits and new credit lines.
Loans and advances stood at $46,3 billion, with the banking subsidiary maintaining a high-quality loan book and a non-performing loan ratio of 1,09 percent.
The group maintained a strong capital position, with a capital adequacy ratio of 25,29 billion and compliance with the minimum capital requirements. An interim dividend of 45 cents a share was declared and paid out, with a final dividend of 284 cents per share declared for the second half of 2022, bringing the total dividend for the year to $1,33 billion.
Looking ahead, the group plans to focus on disciplined execution of its strategy, leveraging technology to deliver robust digital platforms and convenient financial solutions to customers and supporting the growth of the Zimbabwean economy through funding export-oriented productive sectors.
-ebusinessweekly
