‘Rate hike stems inflation storm’

Mortgage lender, National Building Society (NBS) yesterday said it was confident that the rate hike announced in May to tackle inflation would recalibrate the economic landscape as its financial statements showed inflation adjusted interest income had risen 141% to $756 million during the half-year to June 30, 2022.

Non-funded income rose by 267% to $2,5 billion, a trajectory reported by several lenders where banks have generated more revenues from charges, compared to interest from lending.

However, in a commentary to financial statements, NBS chairperson Shingai Mutumbwa said the lender was monitoring market reaction to the bold move through its loan book.

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