NMB Zimbabwe makes a profit of $6.2 million before tax

Posted by Maveriq

NMBZ Holdings, the holding company of NMB Bank’s h made a profit before taxation of $6 208 904 in 2016.

Mr Washaya drew attention to the difficult operating environment in which the bank had nevertheless achieved an after tax profit of $5,1 million compared to $5,5 million the previous year.

Briefing analysts on Friday on the group’s results for the 2016 financial year, NMBZ chief executive Benefit Washaya said the bank now had lines of credit amounting to $35 million dedicated to exporters, after securing a $15 million line of credit last year from two European developmental financial institutions.

Mr Washaya said the bank’s business was adversely affected in the first half of last year by a negative hoax social media message. However, by June confidence in the bank had been restored, as evidenced by the growth in deposits as at 31 December 2016 compared to deposits Mr Washaya said shareholder’s funds stood at US$54,7million at the end of the year.

More: TechZim

NMB Bank

NMB Bank Limited is a registered commercial bank in Zimbabwe. It is the principal subsidiary of NMBZ, a Zimbabwean based investment holding company. The bank was founded in October 1992 by James Mushore and others. The bank's group has a dual listing on the Zimbabwean... Read More About NMB Bank

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