Farai Mabeza, Senior Staff Writer 
NMB Holdings is focusing on value preservation as it develops appropriate financing instruments for clients in response to current market dynamics.
In a statement accompanying the financial services group’s half year results for the period ended June 30, 2022, chief executive Gerald Gore said NMB had positioned itself to support its customers given the changes in the macroeconomic environment.
“We will continue to listen to our clients to come up with appropriate solutions for their business requirements. We are set to launch a number of exciting products in the second half of 2022 as we continue to innovate and bring convenience and unmatched value to our customers,” Gore said.
This comes as NMB Bank in June signed a EUR12,5 million credit line from the European Investment Bank which it said it was channelling to exporters.
“In the wake of current market developments, the group is seized with arranging appropriate funding to meet the needs of our corporate and SME entities.
“Disbursements on the EUR12,5 million credit line from the European Investment Bank are currently underway,” Gore said.
“The focus for the bank has been on growing foreign currency denominated income both on interest and non-interest income. We are focusing on key export sectors such as horticulture, agriculture, mining and manufacturing.
“We are in discussions with potential funders for additional funding to support our exporting customers”.
“To manage the impact of the volatility within the market, value preservation remains key in terms of preserving capital. Our intention is to meet current and future capital requirements from internal sources,” Gore added.
“Our capital adequacy is already at 22,28 percent against a regulatory requirement of 12 percent.”
NMB’s thrust will also see the bank diversify its services.
The group reported operating income of $10,4 billion, up from $5,7 billion achieved in the comparative period.
This was attributed to a significant increase in interest income and continued growth in fees and commission income. newsdesk@fingaz.co.zw
