Chronicle Editor
Business Reporter
NMBZ Holdings recorded a profit before tax of $11,8 million for the first half of 2018 that saw total comprehensive income for the period settling at $9 million.
This translates to 155 percent growth compared to the same period last year when comprehensive income stood at about $3,6 million. The group achieved earnings of 2,34 cents per share compared to 0,93 cents in the same period last year.
Briefing analysts on Tuesday on the group’s half-year results, NMBZ chief executive, Mr Ben Washaya, said the operating environment had continued to be challenging due to nostro funding challenges, cash shortages and inflationary pressures.
He noted a wait and see attitude as the country moved towards the elections despite greater openness prior that saw the country undertaking major economic reforms.
Mr Washaya said the bank’s focus was increasing customer base and transactional volumes. He noted that non-performing loans ratio had come down from 10,7 percent at the end of June last year to 6,12 percent at June 30 this year. The bank hoped to have reduced it to five percent by the end of this year.
Meanwhile, total deposits at June 30, 2018, amounted to $365 million compared to $273 million at June 30, 2017, and $348 million at December 31, 2017.
NMBZ chief finance officer, Mr Benson Ndachena, said the operating income of about $30 million in the first six months of the year was up 55 percent from the figure at the end of June 2017, which had been $19,3 million. Operating expenses had increased by 23 percent due to expansion and related information communication technology (ICT) costs and some one-off costs.
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