About NMB

13 Aug, 2021 - 00:08 0 Views
About NMB NMB CEO Benefit Washaya

eBusiness Weekly

NMB started operating as far back as 1993 offering what it calls supreme corporate, retail and investment banking solutions.

Currently, the bank’s services range from corporate, personal, international, treasury and advisory.

It also provides mortgages and school fees loan facilities.

African Century Financial Investments Ltd is NMB’s major shareholder at 18,91 percent, followed by Arise BV at 17,72 percent, Africinvest Financial Sector Holding at 9,08 percent and Old Mutual Life Assurance Company of Zimbabwe Limited at 10.11 percent.

In its last set of results for the first quarter of the 2021 financial year, the Group recorded a 42 percent growth in inflation-adjusted total income for the 3 months ended 31 March 2021 compared to the corresponding period in 2020.

Total income amounted to $930,832 million while profit after tax amounted to$296,440 from $113,6 million.

According to the bank, its inflation-adjusted regulatory capital as at March 31 2021 was $4,1 billion (Historical cost — $2,5 billion) and is above the minimum required regulatory capital of $25 million.

This translated to a Capital Adequacy Ratio of 31,59 percent as at 31 March 2021 (31 December 2020 — 39,51 percent) and this was significantly above the prescribed regulatory minimum ratio of 12 percent.

All things being equal, the Bank says it is confident that it will achieve the required minimum regulatory capital level for Tier 1 banks of US$30 million equivalent by the set deadline of December 31 2021.

At the financial year-end to December 2020, the Group’s total assets had increased by 17 percent from to $10, 9 billion due to a 125 percent increase in investment securities, a 60 percent increase in investment properties and an increase of 25 percent in property and equipment.

These increases were partly offset by a 32 percent decrease in intangible assets and an 11 percent decrease in cash and cash equivalents.

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