NMB rakes in $3,7m

HARARE - NMBZ Holdings (NMBZ) and its subsidiary NMB Bank Limited (NMB Bank) said they raked in a total $3,7 million from the disposal of an investment property and shares in associate companies during the half year to June 30, 2012.

The group said it had accepted offers for the purchase of half of an investment property owned by the NMB Bank for a consideration of $2,1 million and for the purchase of the holding company’s shareholding in an associate for a consideration of $1,6 million.

“We are selling half of a property we own in the Borrowdale area,” NMB Bank managing director Benefit Washaya said, adding that “In both transactions, we would want to respect the counterparties right to confidentiality until they themselves wish to publicise their role in the transactions.”

Meanwhile, the group’s total assets grew eight percent from $167 million as at December 31, last year to $180 million as at June 30 this year.

“The assets comprised mainly loans, advances and other accounts ($106 million), financial assets at fair value though profit and loss ($22 million). Investment held in maturity ($5,4 million), cash and short term funds ($35,2 million), investment properties ($2,6 million) and property and equipment ($7,4 million),” said Washaya.

Gross loans and advances increased by seven percent from $119,5 as at December 31, 2011 to $149,8 million as at June 30, this year.

“The bank’s liquidity ratio closed the period at 33 percent and this was above the statutory requirement of 30 percent at 30 June 2012,” said Washaya.

The group’s equity increased by 11 percent from $23,3 million as at December 31 last year to $25,9 million as at June 30 this year as a result of increase in retained earnings.

Going forward, the group’s board set in motion a medium business strategic plan which demonstrates compliance with the new capital requirements and will be submitted to the Reserve Bank of Zimbabwe by due date.

“The group will continue to look for more lines of credit from those institutions which are currently in a position to do business with the country,” said Washaya, adding that the institution will continue to explore growth opportunities in the market.

According to the RBZ, all banks are expected to have at least 25 percent of the new $100 million minimum capital by December this year, 50 percent by June 2013, 75 percent by December that year and 100 percent by June 2014.

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