BUSINESS

NMB Rakes $8.5 million from Bank Charges

NMB Rakes $8.5 million from Bank Charges

Zimbabwe Stock Exchange-listed financial services group NMB Holdings Limited today reported a 46,5% jump in fee and commission income, largely driven by digital banking fees.

NMB Rakes $8.5 million from Bank Charges
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In the company’s half-year results for the period to June 2019, NMB said digital banking fees amounted to ZW$8,5 million, up from ZW$6,2 million in the first half of 2018.

The digital banking fees outweighed corporate banking related fees, financial guarantees fees and international banking fees combined, apparently demonstrating the potential of digital banking to make money for our local banking industry.

The growth in fee and commission income is a result of its internet banking products such as NMB direct as well as its mobile-based debit cards.

NMB has over the years taken a deliberate strategy to grow its customer base, with roadshows as part of campaigns to increase awareness and the uptake on its various products.

This week, the company expects to open a new branch in Victoria Falls and grow its footprint across the nation. The company hopes to conclude the construction of its new headquarters in Harare by end of the year.

NMB reported a 532% increase in net profit to ZW$57,4 million after significant growth in total comprehensive income to ZW$61,4 million.

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