NDB has grown by K200 million over five years, says Duma

THE net assets of the National Development Bank has grown by K200 million over the past five years, says Minister for Public Enterprise and State Investments William Duma.
He highlighted this in Parliament yesterday when presenting the NDB’s annual reports for 2012, 2013, 2014, 2015 and 2016.
He said the bank, after eight years of profitable operation since the completion of rehabilitation in 2009, was now positioned to take on bigger and greater challenges. It includes securing a commercial banking licence for its subsidiary People’s Microbank this year to provide retail banking services, especially the two million indigenous population who are currently unbanked and under-served by commercial banks.
Duma said NDB for the seventh year in a row completed its external audits as early as Jan 31 by chartered accountants with unqualified audit opinions.
“NDB has also reported a profit of K24,178,516 for the five years from 2012 and paid K2 million in dividends for the first time since its inception in July 1976 in respect of the 2014 and 2015 operating results.”
He said they were the result of NDB’s growing financial stability.
“The bank net assets have grown by K200 million or 158 per cent in the past five years because of increased funding from the Government coupled with increased viability and operating efficiency.”