Paul Nyakazeya, Group Digital Editor 
THE National Building Society (NBS) said it will focus on delivering innovative and affordable housing solutions to Zimbabweans during the fourth quarter of the year and going forward to reduce the country’s housing backlog which is estimated at 1,2 million units.
In a statement accompanying the bank’s financial results for the six months to June 30 2021, NBS company secretary Rejoice Chipendo said the building society was working on a number of projects aimed at providing housing for prospective home owners.
“The society resumed construction work at the Dzivarasekwa housing project which is now scheduled to be completed in the second half of the year. We expect delivery of 500 units before the end of the year,” Chipendo said.
“Similary, work have also resumed at the Newmara housing project in Mutare, the completion of which will add a further 153 units into the housing stock. The Society’s ongoing mortgages scheme project at Knockmalloch has so far done once ongoing offsite services involving other stakeholders are finalised,” she said.
She said NBS has bought land in Plumtree for housing development.
“The society also progressed its land acquisitions. In this regard, worth noting is finalisation of the outright purchase of 6,4 hectares of land in Plumtree and commencement of title survey process for some, which will create individual title deeds for about 152 high density stands,” said Chipendo.
Going forward, Chipendo, although the outlook for the Zimbabwe economy and indeed the global economy, remains largely challenging as the Covid-19 pandemic continues to impact economies, most economic prognoses suggest a modest recovery in 2021.
“As National Building Society, we continue to believe in our business model of delivering innovative and affordable housing solutions, however challenging the macro-economic environment,” she said.
During the period under review, NBS’s balance sheet grew by 40 percent to $3,8 billion from $2,7 billion in inflation adjusted terms.
She said this was a culmination of management’s efforts to grow the society’s deposit base which saw deposits grow to $1,7 billion from $855 million, a growth of 100 percent. These deposits acquired were deployed into loans and advances which grew by 91 percent to $1,1 billion from $585 million, investment securities which grew by 141 percent to close at $81 million from $33 million.
“We have posted a surplus of $8,5 million dollars for the period ended June 30. Interest income recorded growth of 157 percent to $126 million from $46 million. Non funded income grew by 50 percent to $233 million from $155 million. Operating expenses grew by 55 percent to $255,2 million from 164,5 million,” Chipendo said.
