NMB Bank secures $15m to support agriculture
NMB Bank has obtained $15 million through a privately placed agrobond with a European fund to finance agricultural lending in Zimbabwe. The parent company, NMBZ Holdings Limited, disclosed that the banking subsidiary already distributed over $25 million from a $50 million Afreximbank facility to mining and construction clients during the quarter ending September.
The group reported total assets reaching ZiG9.2 billion, representing a 27 percent increase from year-end, driven by a 46 percent expansion in loans and advances to ZiG4.2 billion. Deposits climbed 57 percent to ZiG3.9 billion during the period. Operating income totaled ZiG1.3 billion for the nine months, with net interest income advancing 63 percent compared to the prior year.
NMBZ stated that strategic restructuring initiatives and staff rationalization produced one-time costs affecting short-term profitability but aimed at improving long-term operational efficiency. The company’s fintech division Xplug Solutions completed projects for four banks across Tanzania, Uganda and Rwanda.
