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NMBZ in 3.5 mln profit

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Dual listed  financial  services  group  NMBZ  posted a 3,5 mln to the half year ended 30 June 2016  on the back of a string interests income  position despite  tough economic conditions .Group chairman Benefit Washaya said  the bank  which posted and attributable profit of  $2,6 mln continued to make inroads  into the broader market. Washaya also said the NMBZ had continued to   source international lines of credit   and was presently in the process of drawing down a $20 mln line of credit and finalizing   legal documentation for another $15mln approved facility.  In  the six months under review ,attributable profit was however  17% lower  than comparable period  on the back  of a difficult   operating  environment  as Washaya said the group total   income  had decreased 9%  to $26 mln compared of controls on the  bank charges  and a drop  in transactional  volumes  due  to  the cash and nostro challenges currently obtaining  in the sector.

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