13 June 2018

Tanzania: Parliamentary Committee Happy With NMB

Dodoma — The Parliamentary Public Investment Committee (PIC) has sai that it is happy with the performance of NMB Bank Plc but displayed concerns over declining profits for the banking sector during the past two years.

An analysis of the sector has shown that the industry's net profit has fell to Sh286 billion last year from Sh426 billion recorded during 2014 calendar year.

The amount rose to Sh438 billion in 2015 but it dropped to Sh423 billion and in 2016 and 2017 respectively.

Speaking to journalists shortly after attending a seminar for PIC members that was organized by NMB Bank on Tuesday, the committee chairman, Dr Raphael Chegeni said the trend does not portend well.

"This is bad for NMB and for the entire banking sector," he said.

He however said that it was encouraging that NMB Plc was growing in a number of performance parameters, advising the bank to focus more in the agricultural sector.

Last year, the number of customers for NMB Plc grew by 24 per cent to reach 2.7 million from 2.179 million in 2016.

NMB Plc managing director, Ms Ineke Bussemaker said the bank's officials held fruitful discussions with PIC members, noting that the issues raised during their meeting will be considered in the bank's operational undertakings. "We have received important views on areas where NMB should focus more... With a focus on agriculture, we will reach more rural farmers," she said.

Apart from PIC members, also present at the seminar was the chairperson of the Parliamentary Budget Committee, Ms Hawa Ghasia and her deputy, Mr Jitu Soni

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