In a statement announcing the financial results ending 31 December 2019 signed by NBM plc board chairman George Partridge, board director Dorothy Ngwira, NBM plc chief executive officer Macfussy Kawawa and chief finance officer Masauko Katsala, NBM plc said non-interest income grew by 10% while net interest and investment income grew by 12%.
“Overall net revenue grew by 11% while operating expenses increased by 6%, notwithstanding staff rationalisation costs that were incurred during the first half of the year. The loan book grew by 13% and customer deposits increased by 8% year on year,” reads the statement dated March 31, 2020.
However, the bank noted that the economy experienced some negative shocks as a result of Cyclone Idai which ravaged parts of the southern region coupled with poor tobacco export receipts compared to the previous year.
“Inflation averaged 9.4% in 2019 (2018: 9.2%) but closed the year 2019 at11.5% (2018: 9.9%) as a result of increases in food inflation attributed to seasonal factors,” reads part of the statement.