Investors snap up NMB stocks after record half-year results
Chief Executive Officer of NMB Bank Plc., Ruth Zaipuna.
What you need to know:
- NMB Bank Plc’s net profit for the first six months of the current calendar year rose to Sh208 billion, up from Sh135.5 billion that was registered during a similar period last year
Dar es Salaam. Foreign investors returned to the Dar es Salaam Stock Exchange (DSE) last week when they injected over Sh5.34 billion at the NMB Bank Plc counter in their attempts to cash in on lucrative financial results for some listed equities.
NMB Bank Plc, which is currently the most profitable bank in the country, traded a total of 1.9 million shares at the DSE last week.
As a result, it accounted for 86 percent of last week’s Sh6.244 billion turnover.
During the preceding week, a total turnover of Sh2.133 billion was realized.
NMB Bank Plc’s net profit for the first six months of the current calendar year rose to Sh208 billion, a 53 percent rise from Sh135.5 billion that was registered during a similar period last year.
This, the bank’s chief executive officer, Ms Ruth Zaipuna, said recently, was a reflection of solid business momentum, strong efficiency gains, and significant improvements in the loan portfolio quality.
DSE’s market reports show that the biggest transaction of last week was done on Wednesday August 10th, 2022 when foreign investors traded 1.4 million shares of NMB Bank’s shares valued at Sh3.93 billion through a pre-arranged exchange. On the following day the counter also traded a block of 500, 000 shares through a pre-arranged market board deal valued at Sh1.44 billion.
Analysts say trading at a number of counters, including Tanzania Portland Cement Limited (TPCC) which is also known as Twiga Cement and CRDB Bank Plc remained active as investors remain bullish that the ongoing election period in the neighbouring Kenya will end smoothly and peacefully. Several Kenya-based firms, which are listed on the Nairobi Stock Exchange, have also been cross-lusted at the DSE.
General elections were held in Kenya on August 9, 2022 but the Independent Electoral and Boundaries Commission (IEBC) is still verifying the votes for the presidential ballot.
“We expect those factors to continue boosting the performance next week,” said Vertex’s capital market manager Mr Ahmed Nganya.
Other market indicators also remained positive as prices also responded on an upward trend specifically from the domestic listed firms.
Tanga Cement gained by 7.04 percent while TOL Gases and Nicol improved by 1.67 percent and 1.43 percent respectively.
