NMB Bank recorded 52 per cent increase in net profit last year to 148.6bn/-from 97.7bn/-recorded in 2018, mostly being in an increase in bank’s operating income, reduced impairment charges and cost control measures.
The Bank’s Acting Managing Director, Ruth Zaipuna said in Dar es Salam on Thursday that the growth is attributed to an increase in operating income by 5 per cent, reduced impairment charges by 27 per cent and cost control measures that resulted in flat year on year operating costs.
During the reference period, the bank’s interest income increased by 4 per cent from 601.6bn/-in 2018 to 626.3bn/-in 2019, NonFunded income rising by 14 per cent from 195.9bn/-in the year before to 224bn/-in 2019.
The impairment charges dropped by 27 per cent year in the year from 137.3bn/- in 2018 to 100.4bn/-in last year which is attributed to significant improvement in the quality of the loan book and loan repayments during the year.
The Bank’s total assets grew by 15 per cent from 5.68tri/-in the corresponding year to 6.54tri/- last year.
Loans and advances to customers rose to 3.61tri/-, which is a 12 per cent increase from 3.27tri/- recorded in the previous year.
The Bank’s asset growth was funded by a 629bn/-increase in customer deposits as well as the NMB Retail Bond, which raised 83.3bn/-in liquidity.
Overall customer deposits rose by 15 per cent from 4.28tri/-in the previous year to 4.87tri/-in 2019.
With approximately 22 per cent market share in both loans and customer deposits, NMB has the largest Balance Sheet in the banking industry and remains the most profitable Bank in the country.
The Dar es Salaam Stock Exchange (DSE), listed Bank has 224 branches and more than 800 ATMs across the country, over 3 million customers and employs over 3,400 staff.
