10 January 2013

Tanzania: Bank M Operating Profit Up 41 Per Cent

BANK M (Tanzania) Limited, a corporate and investment bank, has posted good performance with its loan book crossing 300bn/- mark to 319.81bn/- during the quarter ending December last year.

The bank's operating profit grew handsomely by 41 per cent from 9.01bn/- during 2011 to 12.66bn/-during the year 2012. The level of deposits also crossed 300bn/-to touch 349.68bn/- as the end of December, 2012.

The performance can be considered commendable despite a turbulent economic and financial environment. Bank M's Deputy Chief Executive Officer (CEO - Commercial), Jacqueline Woiso attributed the performance of the bank to good services.

"We constantly put our clients at the heart of our strategy and the clients have responded positively by reposing their faith in our ability to deliver the same consistently," she said. Backed by the robust growth in the loan book and deposits, bank's net interest income grew from 15.07bn/- as at the end of the previous year to 19.69bn/- during the current year, 2012, a growth of 31 per cent.

Ms Woiso cited the example of the growth of Non Interest Income by 82 per cent from 7.53bn/-during the year 2011 to 13.72bn/-during the year 2012 which substantiates the customer confidence.

She further stated that the bank has maintained strong asset quality in spite of growing at a fast clip over the past few years by astutely managing the loan portfolio in line with the changing external environment and careful selection of clients.

The just released financial statements of the bank indicates that the bank's NPL ratio actually went down from 1.9 per cent as at the end of September, 2012 to 1.8 per cent as at the end of December, 2012.

Copyright © 2013 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.