Interim Results
September 01 2004 - 3:01AM
UK Regulatory
RNS Number:4686C
NMBZ Holdings Ld
01 September 2004
NMBZ Holdings Limited
Holding company of
NMB Bank Limited
(Registered Commercial Bank)
UNAUDITED INFLATION ADJUSTED AND HISTORICAL
RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2004
HIGHLIGHTS
Historical
* Attributable profit up 58.75% to Z$14 667 million (2003 - Z$9 239
million)
* Total asset base up 347.5% to Z$614 748 million (2003 - Z$137 373
million)
* Deposits up 814.1% to Z$251 177 million (2003 - Z$27 477 million)
Inflation Adjusted
* Attributable profit of Z$5 179 million (2003 - loss Z$818 million)
* Total asset base down 3% to Z$702 981 million (2003 - Z$722 154
million)
* Deposits up 84.8% to Z$251 177 million (2003 - Z$135 889 million)
Mr Paddy Zhanda, Chairman, said:
"The turbulent macro-economic conditions continue to subdue earnings in the
Group. The Bank has, however, continued to grow its infrastructure, improve its
systems and increase its asset and customer base."
1 September 2004
Enquiries:
NMBZ HOLDINGS LIMITED Tel: +263-4-759 601/6
Mario dos Remedios, CFO Dr David Hatendi, CEO
COLLEGE HILL - LONDON Tel: +44-207-457 2020
Corinna Dorward/Matthew Gregorowski
Chairman's Statement
The six months to 30 June 2004 was an extremely challenging period for the
country and the financial services sector. Features of the macro-economic
landscape during the period included:
* Decline in Gross Domestic Product (GDP).
* Receding inflationary environment and decline in money supply
growth.
* High domestic debt.
* Weak Balance of Payments (BOP) position.
Some positive developments during the period were:
* Improved inflows of foreign currency through the official financial
system.
* Concessionary financing for exporters and producers under the
Productive Sector Financing facility.
ECONOMIC REVIEW
Decline in Gross Domestic Product (GDP)
The decline in real Gross Domestic Product that has been witnessed in the last
few years is expected to be partly arrested by a better agricultural season and
some positive measures put in place to revive the productive sectors of the
economy. While the major focus seems to be on the agricultural sector, the
industrial base that has been built up should not be neglected. At its peak, the
manufacturing sector contributed an estimated 24% of GDP and it is essential
that beneficiation and value-addition be enhanced to become the engine of growth
for the economy. It is imperative that Government should continue with
appropriate policies to support the productive sectors of the economy in order
to enhance national revenues and a return to economic growth and prosperity.
Receding inflationary environment and decline in money supply growth.
The central bank aims to reduce inflation significantly from a peak of 622% in
January 2004 to below 200% by year-end, and beyond double-digit levels by
December 2005 and thereafter to single digit levels. Control of the growth in
money supply has seen year-on-year inflation fall from 622% in January 2004, to
448% in May 2004, 394.6% in June 2004 and 362% in July 2004. Inflation is
projected to continue declining due to monetary and fiscal restraints.
High Domestic Debt
Domestic debt, which stood at Z$590.5 billion at 31 December 2003, rose to Z$1.4
trillion at 25 June 2004. Treasury Bills, which are mainly 2 year paper,
account for 93% (Z$1.3 trillion) while government stock accounts for the balance
of 7%. The Government intends to further restructure the domestic debt in the
second half of the year.
Weak Balance of Payments (BOP) position
The country's BOP position has remained weak, largely as a result of poor export
performance, continuing importer demand coupled with the absence of adequate
external capital inflows. Incentives that have been put in place, together with
the improved foreign exchange monitoring should see an increase in the figures
for exports of goods and services, but some difficult steps remain to ensure an
improvement in total foreign exchange inflows into the country. The capital
account remains in deficit although this deficit is expected to decline from
around US$309 million in 2003 to about US$270 million this year.
Foreign Exchange Market and Exchange Rate Policy
The controlled foreign currency auction has settled in to a pattern, but demand
for foreign currency continues to outstrip supply. The amount of foreign
currency available at each auction has been increased marginally. Exporters
continue to be unhappy with the exchange rate applied to them, although certain
incentives for early or pre-payments have helped. More export incentives and a
market driven exchange rate are required to stimulate export growth. Foreign
currency inflows through the official channels have improved significantly owing
to tighter controls by the monetary authorities and the introduction of the
Homelink facility to tap what has become to be known as the Zimbabwean diaspora.
Improved concessionary financing facilities for exporters and producers
The Reserve Bank has extended the Export and Productive Sector Financing
facilities. The facilities allow for the release of banks' statutory reserves
for on lending to exporters and other producers in mining, manufacturing,
agriculture, construction and tourism at a concessionary rate currently 50% per
annum. This policy thrust has provided significant relief to the beneficiaries.
Financial Services Sector
The new Monetary Policy regime that was ushered in late last year has seen
dramatic changes in the financial services sector. Out of the forty-one
institutions that comprise the market, six are under curatorship, two are in
liquidation and four have remained beneficiaries of the Troubled Bank Fund.
With more stringent requirements in the offing, the sector is likely to see more
mergers and acquisitions and pronounced restructuring.
COMMENTARY ON GROUP RESULTS
Introduction
The turbulent macro-economic conditions continue to subdue earnings in the
Group. The Bank has, however, continued to grow its infrastructure, improve its
systems and increase its asset and customer base.
Attributable Profit
The inflation adjusted attributable profit of Z$5 179 million was recorded
compared to a loss of Z$818 million in 2003. Historical attributable profit
grew a disappointing 58.75% to Z$14 667 million (2003 - Z$9 239 million),
although this showed a great improvement in the trend on the preceding six month
period to 31 December 2003.
Net Interest Income
Net inflation adjusted interest income at Z$60 015 million contributed 82% (2003
- 45%) to net operating income as the Group continues to grow this core
business, also aiming to grow deposits in retail banking to fund this. Lending
also grew as clients were assisted to access the cheaper statutory reserve funds
offered by the RBZ for the Export and Productive sectors.
Non-Interest Income
Non-interest income at Z$12 882 million in inflation-adjusted terms contributed
18% (2003 - 55%) of net operating income.
Operating Expenses
Inflation adjusted operating expenditure increased by 11% over the same period
last year. The inflation adjusted cost to income ratio increased to 59% (2003 -
31%) reflecting a sharp decline in revenues caused by upheavals in the financial
services sector in the first quarter of the year and high costs of maintaining
operations.
Charge for doubtful debts
The charge for the six month period, after factoring in the exposure at the
concessionary rates, decreased by 21% to Z$7 020 million (2003 - Z$8 873
million). The Board continues to adopt a conservative approach on provisions
in view of the unstable macro-economic environment.
Dividend
In view of the need to conserve cash resources and capital, no interim dividend
has been proposed.
BALANCE SHEET
In inflation adjusted terms, the asset base at 30 June 2004 fell by 3% to Z$702
981 million from Z$722 154 million at 30 June 2003. The decrease was caused by
a decline in balances with banks and cash which fell to Z$168 081 million from
$198 112 million, financial assets held for trading which decreased to Z$185 590
million from Z$291 115 million and customers indebtedness for acceptances which
decreased to Z$43 705 million from Z$70 464 million.
In historical cost terms, the total historical asset base grew 347.5% to Z$614
748 million from Z$137 373 million. It was also gratifying to note that
historical deposits increased 814.1% to Z$251 177 million from Z$27 477 million.
CAPITAL ADEQUACY
The banking subsidiary's capital adequacy ratio at 30 June 2004 calculated on
the historical cost basis in accordance with the guidelines of the RBZ was 8.37%
(30 June 2003 - 22.13%, 31 December 2003 - 14.51%). This compares unfavourably
with the Reserve Bank's minimum ratio of 10%.
CAUTIONARY STATEMENT
Negotiations concerning possible strategic partnerships referred to in
cautionary announcements to shareholders from the beginning of June 2004 were
deferred in August 2004.
GROWTH IN CUSTOMER SUPPORT AND SERVICE STRUCTURES
Despite the negative conditions, the Bank continued to improve its
infrastructure, information technology and systems to support its customers.
Notable achievements included:
* The opening of a spacious modern branch with ample parking to serve
the bank's customers in the Southerton industrial area of Harare
* Following the granting of a licence for a Money Transfer Agency by the
Reserve Bank, the opening of a facility to receive funds from the
diaspora in conjunction with a leading UK partner
* The launch of a vastly improved internet banking platform
These should provide an impetus to improved efficiency and customer appeal.
OUTLOOK
Economy
It is comforting to see that stakeholders in the Zimbabwe economy are realizing
the need to resolutely implement economic and monetary policies that will turn
around the economy. The failure to exercise restraint on wages and other costs
such as fuel, will militate against inflation targets and further worsen the
chances of economic revival and stability. To achieve economic recovery and
growth, the following factors are pertinent;
* Continued containment of money supply growth and inflation.
* Restoration of relationships with the international financial
community.
We remain optimistic that, given the right economic and monetary policies and a
national commitment to embrace success, the country will continue on a recovery
and growth path.
Group
The consolidation and rationalisation of the existing operations will continue
in the second half of the year. The growth of non-funded income and expansion
in business volumes will continue to be a strategic focus and initiatives are
currently in progress to see these to fruition.
LITIGATION
The Bank has received two (2) notices of the State's intention to bring court
proceedings relating to alleged dealings on the foreign exchange parallel
market. The allegations are similar in nature to those that resulted in the
suspension of the Bank's foreign exchange trading licence in August 2003 for a
period of twelve months. The licence was restored in January 2004 after an
appeal hearing. Based on legal advice received, the bank intends to defend the
proceedings.
DIRECTORS, MANAGEMENT AND STAFF
Effective 1 March 2004, the Board appointed as executive director Dr D T Hatendi
and resolved to appoint Dr Hatendi and Mr Mario L dos Remedios in the roles of
acting Managing Director and acting Finance Director respectively. Following
receipt of a communication from Dr J T Makoni, Messrs. J A Mushore, F Zimuto and
O O Chekeche's decision to relinquish their positions as executive directors of
NMB Bank Limited with immediate effect, the Board, at its meeting held on 1 June
2004, accepted the resignations of the four executive directors. F Zimuto and O
O Chekeche also resigned from the Board of NMBZ Holdings Limited. The Board
resolved to confirm Dr D T Hatendi and Mr M L dos Remedios respectively, as
Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of NMB Bank
Limited and NMBZ Holdings Limited.
I would particularly like to welcome Dr Hatendi to the Bank and thank both
gentlemen for their agreement to take on this task.
CONCLUSION
I would like to thank our clients for their valuable support. I would also like
to thank the Board, company's shareholders, management and staff for their
endeavours during the period under review.
PADDY TENDAYI ZHANDA
Chairman
31 August 2004
CORPORATE GOVERNANCE AND RISK MANAGEMENT
1. RESPONSIBILITY
These financial statements are the responsibility of the directors. This
responsibility includes the setting up of internal control and risk management
processes, which are monitored independently.
2. CORPORATE GOVERNANCE
The Group adheres to principles of corporate governance derived from the King
Reports and the United Kingdom Combined Code. The group is cognisant of its
duty to conduct business with due care and in good faith in order to safeguard
all stakeholders' interests.
3. BOARD OF DIRECTORS
Board appointments are made to ensure a variety of skills and expertise on the
Board. Non-executive directors are of such calibre as to provide independence
to the Board. The Chairman of the Board is a non-executive director. The Board
is supported by various committees in executing its responsibilities. The Board
meets at least quarterly to assess risk, review performance and provide guidance
to management on both operational and policy issues.
4. GOING CONCERN
The Group financial statements are prepared on a going concern basis. In the
opinion of the directors, the group's business is sound and adequate resources
exist to support this basis.
5. RISK MANAGEMENT
5.1 Risk management structures
In the ordinary course of business the group manages risks of all forms
especially operational, market, liquidity and credit risks. These risks are
identified and monitored through various channels and mechanisms. The risk
management department, headed by a General Manager reporting to the Chief
Executive Officer, is responsible for the management of the overall risk
profile.
The Group's main objective is to contain the risk inherent within the financial
services sector and to ensure that the Group's various risk profiles are
understood and appropriately managed to the benefit of customers, stakeholders
and shareholders.
The risk management committees of the bank are the Loans Review Committee (LRC),
Audit Committee (AC), Credit Committee (CC) and the Assets and Liabilities
Committee (ALCO).
The LRC and the AC are board level committees. The LRC reviews the bank's
lending policies for enforcement by the Risk Management department. The LRC also
meets regularly, at least once a quarter, to review the bank's loan book and to
assess the adequacy of provisions for doubtful debts. The committee is made up
of two non-executive directors and the Chief Financial Officer.
The AC is made up of four non-executive directors and one executive director as
an invitee. The committee's main mandate is to review the bank's financial
statements before their approval by the Board, to recommend the appointment of
external auditors and their fees and to assess the effectiveness of the bank's
internal controls through the bank's internal audit function.
The CC sanctions loan approvals according to the amount requested by a
borrower.
The ALCO decides on the best mix of assets and liabilities. The committee also
ensures that the interest rate, liquidity and foreign exchange risks being
carried by the bank are acceptable and are in line with the approved policies of
the Board. The committee meets monthly, or as necessary, and is chaired by the
General Manager Risk department, with its membership being the Chief Executive
Officer, Chief Financial Officer and departmental heads of Treasury, Corporate
banking, Retail banking and Finance.
5.2 Operational risk
This risk is inherent in all business activities and is the potential for loss
arising from ineffective internal controls, poor operational procedures to
support these controls, errors and deliberate acts of fraud. The balancing of
the risk and the cost incurred to reduce the risk is critical. The Board has an
Audit Committee whose function is to ensure that this risk is minimised. The
Audit Committee through the internal audit function assesses the adequacy of the
internal controls and makes the necessary recommendations to the board.
5.3 Market risk
This arises from adverse movements in the marketplace, which occur in the money
(interest rate risk), foreign exchange and equity markets in which the group
operates. The group has in place an Asset and Liability Management Committee
(ALCO), which comprises all the departmental heads of Risk, Treasury, Corporate
and Retail Banking and Finance, in addition to executive directors. The
committee monitors these risks and recommends the appropriate levels to which
the group should be exposed at any time. The approval of all dealing limits
ultimately rests with this committee.
5.4 Liquidity risk
The management of liquidity in the group is primarily designed to ensure that
the group meets its obligations timeously. The treasury department in
consultation with ALCO formulates and applies appropriate investment methods and
instruments to ensure that this is achieved. In pursuance of the management of
this risk, the risk management department periodically reports on facility
utilisations and excesses that need management attention.
5.5 Credit risk
The Board has put in place sanctioning committees which operate according to the
amount requested by an applicant. The risk management department reviews all
applications. This initial review allows only those applications that do not
unduly expose the group to be considered by the sanctioning committees.
The directors are satisfied with the Risk management processes in the Bank, as
these have contributed to the minimisation of losses arising from risk
exposures.
6. REGULATORY COMPLIANCE
During the period under review, the Bank has submitted all compliance reports to
the Monetary Authorities on time, save for one instance when the BSD I Form
(Capital Adequacy Return) for the first quarter was submitted late. As a result
of the late submission, the Bank was fined Z$50 000. We remain committed to
comply with and adhere to all regulatory requirements.
UNAUDITED GROUP RESULTS
for the six months ended 30 June 2004
Income Statements
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Note Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Interest from lending 119 835 62 067 143 303 103 713 9 995 49 127
activities
Income from investing 18 976 58 298 105 379 15 030 9 638 33 010
activities
------------- ------------- ------------ ------------- ------------- ------------
138 811 120 365 248 682 118 743 19 633 82 137
Interest expense (78 796) (64 738) (95 641) (67 181) (8 764) (38 221)
------------- ------------ ------------ ------------- ------------- ------------
Net interest income 60 015 55 627 153 041 51 562 10 869 43 916
Other income 5 6 262 35 499 25 527 7 799 4 465 5 454
Net foreign exchange 6 620 31 558 24 773 5 415 4 326 5 646
gains
------------- ------------ ----------- ------------- ------------ -----------
Net operating income 72 897 122 684 203 341 64 776 19 660 55 016
Operating expenditure 6 (42 865) (38 195) (80 740) (33 584) (4 605) (17 533)
Charge for bad and (7 020) (8 873) (11 158) (7 020) (1 794) (7 209)
doubtful debts
Loss on disposal of 7 (6 399) - - (4 449) - -
interest in
Loss on net monetary (3 498) (48 125) (135 - - -
position 838)
--------------- --------------- ------------ ------------- --------------- --------------
Profit before taxation 13 115 27 491 (24 395) 19 723 13 261 30 274
Taxation 8 (6 962) (27 873) (17 311) (4 082) (3 733) (12 565)
Financial Institution 8 (974) (3 334) (2 468) (974) (674) (1 594)
levy
--------------- -------------- ------------ ------------ -------------- ------------
Profit/(loss) after 5 179 (3 716) (44 174) 14 667 8 854 16 115
taxation
Minority interests - 2 898 - - 385 -
-------------- -------------- ------------ ------------ -------------- ------------
Profit/(loss)
attributable to
ordinary
shareholders 5 179 (818) (44 174) 14 667 9 239 16 115
======= ======= ======= ======= ======= =======
Dividend per share - 2 141.0 2 036.9 - 433.0 943.0
(cents)
Earnings per share
(cents)
Basic 9 1 213.4 (209.9) (10 912.3) 3 436.5 2 370.4 3 980.9
Headline 9 1 213.9 (209.9) (11 830.0) 3 436.7 2 370.4 3 764.2
Diluted 9 1 212.4 (208.9) (10 341.3) 3 433.6 2 359.5 3 772.6
Diluted headline 9 1 212.9 (208.9) (11 211.0) 3 433.8 2 359.5 3 567.3
Weighted average
number of issued 426 390 405 426 390 405
shares (millions)
Diluted number of 427 392 427 427 392 427
shares (millions)
UNAUDITED GROUP RESULTS
As at 30 June 2004
Balance Sheets
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
at 30 June at 30 June at 31 Dec at 30 June at 30 June at 31 Dec
2004 2003 2003 2004 2003 2003
Note Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Shareholders' Funds
Share capital 28 898 28 838 28 898 107 107 107
Capital reserves 62 929 63 031 62 929 683 631 683
Revenue reserves 3 535 35 445 997 35 518 18 006 23 028
------------- ------------- ------------- -------------- ------------- --------------
Total shareholders' funds 95 362 127 314 92 824 36 308 18 744 23 818
Minority Interest - (5 737) 952 - (446) (59)
------------- ------------- ------------- -------------- ------------- ---------------
95 362 121 577 93 776 36 308 18 298 23 759
Liabilities
Deferred taxation 30 623 23 203 40 351 1 444 2 329 14 052
Deposits and other 12 251 177 135 889 268 241 251 177 27 477 173 306
accounts
Provision for current 17 787 24 585 3 520 17 787 4 971 2 274
taxation
Financial liabilities held 13 264 327 346 436 103 585 264 327 70 050 66 924
for trading
Acceptances 43 705 70 464 10 301 43 705 14 248 6 655
-------------- ------------ ------------- -------------- ------------- ---------------
702 981 722 154 519 774 614 748 137 373 286 970
======== ======== ======== ======== ======== ========
Assets
Balances with banks and 168 081 198 112 100 122 168 081 40 059 64 684
cash
Financial assets held for 13 185 590 291 115 55 823 185 590 58 864 36 069
trading
Advances and other 14 176 421 79 737 231 819 176 421 16 123 149 774
accounts
Investment properties 186 - 186 52 - 52
Trade investment 1 708 1 954 2 014 48 3 48
Quoted and other 953 1 380 1 538 953 279 1 001
investments
Property, plant & 126 337 79 392 117 971 39 898 7 797 28 687
equipment
Customers' indebtedness 43 705 70 464 10 301 43 705 14 248 6 655
for acceptances
------------- ------------- ------------- -------------- ------------- --------------
702 981 722 154 519 774 614 748 137 373 286 970
======== ======== ======== ======== ======== ========
P T ZHANDA M B NAROTAM
Secretary
Directors
D T HATENDI
31 August 2004
UNAUDITED GROUP RESULTS
INFLATION ADJUSTED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2004
Capital Reserves
Revenue
Restated Reserves
Share Share Statutory Redemption Revaluation Accumulated
Capital Premium Reserve Reserve Reserve Other Profit Total
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Balances at 1 28 759 46 409 8 121 5 549 - 84 37 844 126 766
January 2003
Own equity 109 2 063 - - - - 11 148 13 320
instruments
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
As restated at 1 28 868 48 472 8 121 5 549 - 84 48 992 140 086
January 2003
Shares issued - 15 1 642 - - - - - 1 657
options
Net loss for the - - - - - - (818) (818)
six months
ended 30 June
2003
Dividends - - - - - - (11 568) (11 568)
Loss on net (45) (837) - - - - (1 161) (2 043)
monetary
position on
proceeds on own
equity
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
Balances at 30 28 838 49 277 8 121 5 549 - 84 35 445 127 314
June 2003
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
Loss for the six
months
ended 31 - - - - - - (43 356) (43 356)
December 2003
Revaluation - - - - 81 - - 81
reserve
Dividends - - - - - - (8 014) (8 014)
Monetary 60 (183) - - - - 16 922 16 799
adjustment on
own equity
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
Balances at 31 28 898 49 094 8 121 5 549 81 84 997 92 824
December 2003
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
Profit for the - - - - - - 5 179 5 179
six months
ended 30 June
2004
Dividends - - - - - - (2 641) (2 641)
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
Balances at 30 28 898 49 094 8 121 5 549 81 84 3 535 95 362
June 2004
------------ ----------- ------------ ------------- ----------- ------------- ------------ ------------
UNAUDITED GROUP RESULTS
HISTORICAL STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2004
Capital Reserves
Revenue
Capital Reserves
Share Share Statutory Redemption Revaluation Accumulated
Capital Premium Reserve Reserve Reserve Other Profit Total
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ Z$ million Z$ million
million
Balances at 1 91 - 23 27 - 1 8 778 8 920
January 2003
Own equity 13 248 - - - - 2 019 2 280
instruments
---------- ---------- --------- ---------- ------------ --------- ------------ ----------
As restated at 1 104 248 23 27 - 1 10 797 11 200
January 2003
Net profit for the - - - - - - 9 239 9 239
six months ended 30
June 2003
Dividends - - - - - - (2 030) (2 030)
Share Issue - 3 332 - - - - - 335
options
---------- ----------- ------------ ---------- ------------ ------- ----------- --------------
Balances at 30 June 107 580 23 27 - 1 18 006 18 744
2003
Net profit for the - - - - - - 6 876 6 876
for the six months
ended 31 December
2003
Revaluation reserve - - - - 52 - - 52
Dividends - - - - - - (1 854) (1 854)
---------- ----------- ------------ ---------- ------------ ------- ----------- -------------
Balances at 31 107 580 23 27 52 1 23 028 23 818
December 2003
---------- ----------- ------------ ---------- ------------ ------- ----------- -------------
Net profit for the - - - - - - 14 667 14 667
six months ended
30 June 2004
Dividends - - - - - - (2 177) (2 177)
---------- ----------- ------------ ---------- ------------- ------- ------------ -------------
Balances at 30 June 107 580 23 27 52 1 35 518 36 308
2004
====== ======= ======= ====== ======== ==== ======= ========
UNAUDITED GROUP RESULTS
for the six months ended 30 June 2004
Cashflow Statements
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Note Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Profit before taxation
and 16 613 75 616 111 443 19 723 13 261 30 274
loss on
net monetary position
Non-cash items
Loss/(profit) on disposal of 2 - (5 306) 1 - (1 235)
property, plant & equipment
Depreciation 2 087 3 057 27 745 1 761 367 1 054
Charge for bad and doubtful 7 020 13 986 11 158 7 020 2 828 7 209
debts
Loss on net monetary (3 498) (48 125) (135 838) - - -
position
------------ -------------- ------------- ------------- ------------- -------------
Operating cash flows before
changes in
Operating assets and 22 224 44 534 9 202 28 505 16 456 37 302
liabilities
Changes in operating assets
and liabilities:
Financial liabilities held 160 742 90 864 (103 439) 197 403 49 448 47 782
for trading
Deposits and other accounts (17 064) (255 079) (130 845) 77 871 (9 424) 136 405
Advances and other accounts 48 378 226 642 68 673 (33 667) 9 865 (128 167)
Financial assets held for 4 014 (180 688) 11 754 2 594 (45 152) (1 136)
trading
------------ --------------- ------------- ------------- ------------- -------------
218 294 (73 727) (144 656) 272 706 21 193 92 186
Taxation
Corporate tax paid (3 397) (51 330) (48 027) (2 151) (3 132) (3 858)
-------------- -------------- ------------- ------------- ------------- -------------
Net cash inflow/(outflows) 214 897 (125 056) (192 683) 270 555 18 061 88 328
from operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Movement in minority (952) - - 59 - -
interests
Proceeds on disposal of 21 - 9 524 21 - 2 437
property, plant & equipment
Movement in trade investment 306 - - - - -
Purchase of property, plant (10 663) (15 628) (63 492) (12 994) (3 592) (26 351)
& equipment
Movement in quoted and other 772 20 722 20 388 48 1 768 949
investment
------------- ------------- ------------- ------------- ------------- -------------
Net cash (outflows)/inflows (10 516) 5 094 (33 580) (12 866) (1 824) (22 965)
from investing activities
------------- ------------- ------------- ------------- ------------- -------------
Net cash inflow/(outflows) 204 381 (119 962) (226 262) 257 689 16 237 65 363
before financing activities
-------------- -------------- ------------- ------------- ------------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of - 1 657 2 815 - 335 369
shares
Dividends paid (2 641) (11 568) (19 580) (2 177) (2 030) (3 884)
Proceeds on own equity - 13 318 26 906 - 2 280 2 280
instruments
--------------- ---------------- ------------- ------------- ------------- -------------
(2 641) 3 407 10 141 (2 177) 585 (1 235)
========= ========= ======== ======== ======= =======
Net increase/(decrease) in 201 740 (116 555) (216 121) 255 512 16 822 64 128
cash and cash equivalents
Cash and cash equivalents at 151 931 368 052 368 052 98 159 34 031 34 031
beginning of the period
------------- ------------ ------------- ------------- ------------- -------------
CASH AND CASH EQUIVALENTS
AT 10 353 671 251 497 151 931 353 671 50 853 98 159
END OF PERIOD
======== ======== ======== ======== ======== ========
NMBZ HOLDINGS LIMITED
NOTES TO THE ACCOUNTS
1. Accounting Policies
The interim financial statements have been prepared on the basis of the
accounting policies set out in the financial statements for the year ended 31
December 2003.
2. Compliance with International Accounting Standards (IASs)
The Group's interim financial statements have been prepared in accordance with
IASs.
3. Currency
These interim financial statements are expressed in Zimbabwe dollars and are
rounded to the nearest million.
4. Basis of preparation
The financial statements have been prepared on the historical cost basis and
restated in accordance with IAS 29, which requires that the results be stated in
terms of the measuring unit current at the balance sheet date. The index used
was based on the closing index value for 30 June 2004. The comparative figures
for the six months ended 30 June 2003 and the financial year ended 31 December
2003 have been restated based on the value current at 30 June 2004. The income
statement for the six month period was derived from monthly index values
relative to 30 June 2004. The comparative income statements have been restated
on average index values for the respective periods relative to 30 June 2004.
The interim report was approved by the Board on 31 August 2004.
Indices
The indices used were compiled by the Central Statistical Office of Zimbabwe and
are based on the Consumer Price Index which is the most widely accepted measure
of the inflation rate available.
The indices and conversion factors were as follows:
Indices Conversion factors
June 2004 37 741.4 1.0000
December 2003 24 384.1 1.5478
June 2003 7 631.4 4.9455
IAS 29 discourages the publication of historical results as a supplement to
inflation adjusted accounts. The Zimbabwe Accounting Practices Board and the
Zimbabwe Stock Exchange have permitted companies in Zimbabwe to publish
historical results in conjunction with inflation adjusted results.
5. Other income
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Gains less losses from quoted 250 3 739 2 365 211 460 449
and other investments
Net commission and fee income 2 838 5 350 11 291 2 648 659 1 228
- Income 3 932 7 080 11 589 3 330 872 1 286
- Expense (1 094) (1 730) (298) (682) (213) (58)
Broking income - 342 4 344 - 55 989
(Loss)/profit on disposal of (2) - 5 306 (1) - 1 253
fixed assets
Other operating income 3 176 26 068 2 221 4 941 3 291 1 535
----------- ----------- ------------ ----------- ----------- -----------
6 262 35 499 25 527 7 799 4 465 5 454
======= ======= ======= ======= ======= ======
6. Operating expenditure
The operating profit is after
charging the following:
Administration costs 22 370 14 382 20 578 17 129 1 746 8 103
Depreciation 2 087 3 057 27 745 1 761 367 1 054
Staff costs 18 408 20 756 32 417 14 694 2 492 8 376
------------ ------------ ----------- ------------ ------------ ------------
42 865 38 195 80 740 33 584 4 605 17 533
======= ======= ====== ======= ======= =======
7. Loss on disposal of interest in subsidiary
The loss on disposal of interest in subsidiary relates to the disposal of
Continental Securities Trading (Private) Limited on 1 January 2004. At the date
of disposal, the net liabilities of the company amounted to Z$5 209 million and
the proceeds from the disposal amounted to Z$760 million.
8. taxation
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
8.1 Tax Charge
Current taxation 15 438 14 727 - 15 438 2 978 -
Aids levy 1 252 445 - 1 252 90 -
Deferred tax (credit) (9 728) 12 701 17 311 (12 608) 665 12 565
/charge
---------- ---------- ---------- ---------- ---------- ----------
6 962 27 873 17 311 4 082 3 733 12 565
Financial 974 3 334 2 468 974 674 1 594
institutions levy
---------- ---------- ---------- ---------- ---------- ----------
7 936 31 207 19 779 5 056 4 407 14 159
====== ====== ====== ====== ====== ======
9. Earnings per share
The calculation of earnings per share is based on the following figures:
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
9.1 Earnings
Basic earnings 5 179 (818) (44 174) 14 667 9 239 16 115
Headline earnings(note 9.4) 5 181 (818) (47 889) 14 668 9 239 15 238
9.2 Number of shares
Weighted average shares in 426 804 812 389 757 429 404 809 987 426 804 812 389 757 429 404 809 987
issue
Diluted number of shares 427 162 412 391 559 714 427 162 412 427 162 412 391 559 714 427 162 412
9.3 Earnings
per share (cents)
Basic 1 213.4 (209.9) (10 912.3) 3 436.5 2 370.4 3 980.9
Headline 1 213.9 (209.9) (11 830.0) 3 436.7 2 370.4 3 764.2
Diluted basic 1 212.4 (208.9) (10 341.3) 3 433.6 2 359.5 3 772.6
Diluted headline 1 212.9 (208.9) (11 211.0) 3 433.8 2 359.5 3 567.3
9.4 Headline Earnings (Z$
million)
Profit attributable to 5 179 (818) (44 174) 14 667 9 239 16 115
shareholders
Add/(deduct) non-recurring
items:
Loss/(profit) on disposal of:
Fixed assets 2 - (5 306) 1 - (1 253)
Tax effect - - 1 591 - - 376
5 181 (818) (47 889) 14 668 9 239 15 238
The headline earnings are calculated in accordance with the Statement of
Investment Practice No. 1 issued by the Institute of Investment Management and
Research to assist users of accounts to identify earnings derived from trading
activities.
10. Cash and Cash Equivalents
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Balances with banks and 168 081 198 112 100 122 168 081 40 059 64 684
cash
Government and public
sector
securities 142 198 30 597 10 006 142 198 6 186 6 464
Bills receivable 43 392 22 788 41 803 43 392 4 608 27 011
----------- ------------ ------------ ------------ ---------- -----------
353 671 251 497 151 931 353 671 50 853 98 159
======= ======= ======= ======= ====== =======
11. SHARE CAPITAL
11.1 Authorised
The authorised ordinary share capital at 30 June 2004 is at the historical
figure of Z$140 million
(2003 - Z$140 million) comprising 560 million ordinary (2003 - 560 million)
shares of Z$0.25 each.
11.2 Issued Fully Paid
The issued share capital at 30 June 2004 is at the historical figure of Z$107
million
(2003 - Z$107 million) comprising 427 million (2003 - 427 million) ordinary
shares of Z$0.25 each.
11.3 Share Buy Back
At the Annual General Meeting held on 1 June 2004, shareholders authorised the
directors to purchase up to 56 million (fifty six million) of the company's own
shares. No shares were repurchased for the period to 30 June 2004.
12. DepositS and other accounts
12.1 Deposits and other accounts by type
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Deposits from other banks 199 859 32 418 143 033 199 859 6 555 92 411
Other money market deposits 41 186 59 282 25 865 41 186 11 987 16 711
Current and deposit 190 535 208 082 157 704 190 535 42 075 101 890
accounts
---------- ---------- ---------- ---------- --------- ---------
Total deposits 431 580 299 782 326 602 431 580 60 617 211 012
Trade and other creditors 82 924 182 543 45 224 83 924 36 910 29 218
---------- ---------- ---------- ---------- --------- ---------
515 504 482 325 371 826 515 504 97 527 240 230
Less: Financial liabilities (264 327) (346 436) (103 585) (264 327) (70 050) (66 924)
held for trade (note 13.1)
----------- ---------- ----------- ----------- ----------- -----------
251 177 135 889 268 241 251 177 27 477 173 306
======= ====== ====== ====== ====== =======
12.2Maturity analysis
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Withdrawals on demand 244 081 220 777 125 677 244 081 44 816 81 198
Maturing within one month 176 887 20 125 113 314 176 887 4 025 73 210
Maturing after one month 2 957 57 135 80 693 2 957 11 427 52 134
but within 6 months
Maturing after 6 months but 7 655 1 745 6 918 7 655 349 4 470
within 12 months
---------- ---------- ---------- ---------- ---------- ----------
431 580 299 782 326 602 431 580 60 617 211 012
====== ====== ====== ====== ====== ======
12.3 Sectoral analysis of deposits
INFLATION ADJUSTED
Restated Restated
Unaudited Unaudited Unaudited
June June Dec
2004 2003 2003
Z$ million % Z$ million % Z$ million %
Banks and other financial 199 859 46 8 255 3 143 033 44
institutions
Telecommunications companies 2 374 1 35 - 2 664 1
Industrial companies 52 114 12 6 635 2 156 123 48
Other deposits 169 739 39 284 608 95 24 758 7
Municipalities and parastatals 7 387 2 249 - - -
Mining Companies 107 - - - 24 -
----------- ---------- ----------- ----------- ----------- -----------
431 580 100 299 782 100 326 602 100
====== ====== ====== ====== ======= ======
12.4 Sectoral analysis of deposits
HISTORICAL
Unaudited Unaudited Audited
June June Dec
2004 2003 2003
Z$ million % Z$ million % Z$ million %
Banks and other financial 199 859 46 1 651 3 92 411 44
institutions
Telecommunications companies 2 374 1 7 - 1 721 1
Industrial companies 52 114 12 1 327 2 100 868 48
Other deposits 169 739 39 57 363 95 15 997 7
Municipalities and parastatals 7 387 2 269 - - -
Mining Companies 107 - - - 15 -
------------- ---------- ------------- ----------- ----------- ----------
431 580 100 60 617 100 211 012 100
======= ===== ======== ====== ====== ======
13. FINANCIAL INSTRUMENTS HELD FOR TRADING
13.1 Financial liabilities held for trading
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Liabilities discounted 216 509 - 10 633 216 509 - 6 870
Negotiable certificate of 47 818 346 436 92 952 47 818 70 050 60 054
deposits
------------ ------------ ----------- ------------ --------- ----------
264 327 346 436 103 585 264 327 70 050 66 924
======= ======= ======= ======= ====== ======
13.1 Financial assets held for trading
INFLATION ADJUSTED HISTORICAL
Restated Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Government and public sector 142 198 30 597 10 006 142 198 6 186 6 464
securities
Bills receivable 43 392 22 788 41 803 43 392 4 608 27 011
Fixed term loans - 237 730 4 014 - 48 070 2 594
------------ ------------ ------------ ------------ ------------ ------------
185 590 291 115 55 823 185 590 58 864 36 069
======= ======= ======= ======= ======= =======
13.2 Financial liabilities held for trading
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Demand to 3 months 254 305 346 436 103 571 254 305 70 050 66 915
3 months to 1 year 22 - 14 22 - 9
1 year to 5 years 10 000 - - 10 000 - -
---------- ---------- ---------- ---------- ---------- ----------
264 327 346 436 103 585 264 327 70 050 66 924
====== ====== ====== ====== ====== ======
13.3 Financial assets held for trading
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Demand to 3 months 125 975 220 059 41 852 125 975 44 496 27 042
3 months to 1 year 17 576 14 800 13 971 17 576 2 993 9 027
1 year to 5 years 42 039 56 256 - 42 039 11 375 -
---------- ---------- -------- ---------- -------- --------
185 590 291 115 55 823 185 590 58 864 36 069
====== ====== ===== ====== ===== =====
14. Advances and other accounts
14.1 Advances and other accounts
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
14.1.1 Total advances and
other accounts
Advances 153 235 46 335 155 755 153 235 9 369 100 631
Other accounts 23 186 33 402 76 064 23 186 6 754 49 143
----------- ------------ --------------- ------------ ------------ -----------
176 421 79 737 231 819 176 421 16 123 149 774
======= ======= ========= ======= ======= =======
14.1.2 Maturity analysis
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Demand to 3 months 51 086 32 423 116 657 51 086 6 556 75 370
3 months to 1 year 131 019 33 947 53 350 131 019 6 864 34 469
1 year to 5 years 2 075 5 371 8 892 2 075 1 086 5 745
Over 5 years 6 519 - - 6 519 - -
------------ ----------- --------------- ------------ ------------ -----------
Total advances 190 699 71 741 178 899 190 699 14 506 115 584
Specific and general doubtful
debt provisions (15 781) (18 986) (13 560) (15 781) (3 839) (8 761)
Suspended interest (21 683) (6 420) (9 584) (21 683) (1 298) (6 192)
----------- ----------- ------------ ------------ ----------- -----------
153 235 46 335 155 755 153 235 9 369 100 631
Other accounts 23 186 33 402 76 064 23 186 6 754 49 143
----------- ----------- ------------ ------------ ----------- -----------
Total 176 421 79 737 231 819 176 421 16 123 149 774
======= ======= ======= ======= ======= =======
14.2 Sectoral analysis of utilizations
INFLATION ADJUSTED
Restated Restated
Unaudited Unaudited Unaudited
June June December
2004 2003 2003
Z$ million % Z$ million % Z$ million %
Industrials 134 822 58 46 587 33 64 366 34
Agriculture and horticulture 28 791 12 8 398 6 33 498 18
Conglomerates 10 862 5 11 335 8 20 693 11
Construction and property - - 20 593 15 - -
Services 16 689 7 21 251 15 10 905 5
Mining 19 512 8 6 231 4 10 435 6
Food & beverages 23 666 10 5 905 4 14 651 8
Other 62 - 21 905 15 34 652 18
----------- -------- ----------- --------- ----------- ----------
234 404 100 142 205 100 189 200 100
======= ===== ======= ===== ====== ======
The above sectoral analysis comprises advances of Z$190 699 million (2003 - Z$71
741 million) and
customers' indebtedness for acceptances of Z$43 705 million (2003 - Z$70 464
million).
14.3 Sectoral analysis of utilisations
HISTORICAL
Unaudited Audited
June June Dec
2004 2003 2003
Z$ million % Z$ million % Z$ million %
Industrials 134 822 58 9 420 33 41 586 34
Agriculture and horticulture 28 791 12 1 698 6 21 643 18
Conglomerates 10 862 5 2 292 8 13 370 10
Construction and property - - 4 164 14 - -
Services 16 689 7 4 297 15 7 046 6
Mining 19 512 8 1 260 4 6 742 6
Food & beverages 23 666 10 1 194 4 9 466 8
Other 62 - 4 429 16 22 386 18
---------- ----------- ------------ ----------- ------------ ------------
234 404 100 28 754 100 122 239 100
====== ======= ======= ====== ======= =======
The above sectoral analysis comprises advances of Z$190 699 million (2003 - Z$14
506 million) and
customers' indebtedness for acceptances of Z$43 705 million (2003 - Z$14 248
million).
14.4 Risk concentrations
The material concentration of loans and advances are in the industrial sector
58% (2003 - 33%).
14.5 Provisions for doubtful debts including acceptances
INFLATION ADJUSTED
Unaudited Unaudited
----------------June 2004-------------- -----------Restated Dec 2003----------
Specific General Total Specific General Total
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
At 1 January 8 668 4 892 13 560 9 203 7 582 16 785
Charge against profits 3 855 3 165 7 020 7 348 3 810 11 158
Bad debts written off - - - 1 - 1
Monetary adjustment (3 068) (1 731) (4 799) (7 884) (6 500) (14 384)
------------ ----------- ------------- ------------ ------------- ------------
At 30 June 9 455 6 326 15 781 8 668 4 892 13 560
======= ====== ======= ======= ======= =======
14.6 Provisions for doubtful debts including acceptances
HISTORICAL
Unaudited Audited
----------------June 2004-------------- -----------Dec 2003----------
Specific General Total Specific General Total
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
At 1 January 5 600 3 161 8 761 851 700 1 551
Charge against profits 3 855 3 165 7 020 4 748 2 461 7 209
Bad debts written off -
- - 1 - 1
------------ ----------- ------------- ------------ ----------- ------------
At 30 June 9 455 6 326 15 781 5 600 3 161 8 761
======= ====== ======= ======= ======= =======
14.7 Non performing loans and advances
INFLATION ADJUSTED HISTORICAL
Restated Restated
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
June June Dec June June Dec
2004 2003 2003 2004 2003 2003
Z$ million Z$ million Z$ million Z$ million Z$ million Z$ million
Total non performing loans 33 914 176 862 25 940 33 914 35 762 16 759
and advances
Specific provision for (9 455) (14 703) (8 668) (9 455) (2 973) (5 600)
doubtful debts
Interest in suspense (21 683) (6 420) (9 584) (21 683) (1 298) (6 192)
------------- ------------- ----------- ------------- ------------ ------------
2 776 155 739 7 688 2 776 31 491 4 967
======= ======= ====== ======= ======= ======
The residue on these accounts represents recoverable portions covered by
realisable security.
15. Capital Commitment
Capital commitments amounting to Z$24 970 million (31 December 2003 - Z$42 643
million) will be financed as necessary from the Group's own resources.
16. Operating Lease Commitments
Lease commitments amounting to Z$276 million (31 December 2003 - Z$185 million)
relate to future rental commitments up to the expiry of the lease agreements.
17. Contingent liabilities
Contingent liabilities as at 30 June 2004 amounted to Z$1 553 million (31
December 2003 - Z$5 241 million).
18. Related parties
Loans to directors and officers or their companies amounting to Z$6 128 million
(30 June 2003 - Z$ 3 162 million) are included in advances and other accounts.
Loans to officers (including executive directors) amounting to Z$7 956 million
(30 June 2003 - Z$ 1 317 million) were granted at preferential rates of up to
16% per annum as part of their overall remuneration agreements. Loans to
non-executive directors, Group companies and officers companies are on normal
commercial terms.
19. Exchange Rates
The following exchange rates have been used to translate the foreign balances to
Zimbabwe dollars at period end:-
30 June 30 June 31 Dec
2004 2003 2003
British Sterling GBP 1.00 Z$9 660.59 Z$1 359.06 Z$7 744.16
United States Dollar USD 1.00 Z$5 347.98 Z$824.00 Z$4 196.58
SECRETARY AND REGISTERED OFFICE
Secretary
M B Narotam
Email: muneshn@nmbz.co.zw
Registered Offices
1st Floor NMB Centre
Unity Court George Silundika Avenue/
Cnr 1st Street/Kwame Nkrumah Avenue Leopold Takawira Street
Harare Bulawayo
Zimbabwe Zimbabwe
Telephone +263 4 759651 +263 9 70169
Facsimile +263 4 759648 +263 9 68535
Website: http://www.nmbz.co.zw
Email: enquiries@nmbz.co.zw
Auditors
KPMG Chartered Accountants (Zimbabwe)
Mutual Gardens
100 The Chase (West)
Emerald Hill
Harare
Zimbabwe
Transfer Secretaries
In Zimbabwe In UK
First Transfer Secretaries Computershare Services PLC
4th Floor, Gold Bridge North 36 St Andrew Square
Eastgate Building Edinburgh
Cnr. Robert Mugabe/S Nujoma EH2 2YB
P O Box 11 UK
Harare
Zimbabwe
Legal Practitioners to the Company
In Zimbabwe In UK
Kantor and Immerman Dechert
MacDonald House 2 Serjeants' Inn
10 Selous Avenue London EC4Y 1LT
Harare UK
Zimbabwe
This information is provided by RNS
The company news service from the London Stock Exchange
END
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