Financial services provider NMBZ has focused a digital strategy over the past few months, and the move seems to be paying off during the novel coronavirus pandemic.
“Prior to the advent of Covid-19,the Bank had embarked on a digitalisation drive to improve the customer experience, enhancement of service delivery and broadening the customer digital touch points,” said the group in a trading update.
“This strategy has proven to be quite pivotal in the current operating environment
“The resultant increase in the adoption of the digital platforms has however been offset by the reduced transactional activities due to the closure of most businesses except those which were classified as essential.”
Consequently, the bank did not struggle in the first quarter as the impact of the Covid-19 pandemic took hold in the country.
NMBZ Holdings posted a 557 percent income surge during the period from the prior comparable period.
Income jumped to $145.7 million from $22.20 million realised same time last year.
Profit after tax grew 447 percent to $33.39 million during the period.
The group’s financial position and liquidity remained strong during the period.
NMBZ’s liquidity ratio as at close of quarter stood at 55.9 percent against statutory minimum of 30 percent.
The group managed to meet the minimum statutory capital requirement of $25 million by obtaining $395.4 million as at March 31, 2020.
Going forward the group highlighted growing uncertainty in the business operating climate as a result of the Covid-19 pandemic.