The National Building Society grew its net interest income by 335 percent last year compared to 2023. They achieved this by increasing loans by 27 percent as funding costs went down. The company invested US$2.7 million to upgrade its core banking system, which should become active between April and June 2025. The improvements will help NBS become fully digital.
Manager Sifiso Mahlangu said customers will enjoy better service with the new system. Despite making less money from housing sales, NBS showed strong financial performance. Their deposits increased to ZiG2.392 billion. They also managed risks well, cutting loan losses from ZiG37.1 million to ZiG20 million. Their bad loan rate stands at just 1.35 percent against an industry standard of 5 percent.
NBS completed several housing projects last year, including 723 serviced stands in Chinhoyi and 236 housing units in Bulawayo. They plan more developments this year in places like Plumtree, Harare, Mutare, and Masvingo. The company opened new branches in Bindura and Chiredzi, bringing its total to 10 locations. These efforts support national goals for better housing and wider access to financial services.
Manager Sifiso Mahlangu said customers will enjoy better service with the new system. Despite making less money from housing sales, NBS showed strong financial performance. Their deposits increased to ZiG2.392 billion. They also managed risks well, cutting loan losses from ZiG37.1 million to ZiG20 million. Their bad loan rate stands at just 1.35 percent against an industry standard of 5 percent.
NBS completed several housing projects last year, including 723 serviced stands in Chinhoyi and 236 housing units in Bulawayo. They plan more developments this year in places like Plumtree, Harare, Mutare, and Masvingo. The company opened new branches in Bindura and Chiredzi, bringing its total to 10 locations. These efforts support national goals for better housing and wider access to financial services.
