{"id":17486,"date":"2020-10-27T19:25:29","date_gmt":"2020-10-27T19:25:29","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=17486"},"modified":"2020-10-27T19:25:29","modified_gmt":"2020-10-27T19:25:29","slug":"nmb-profit-grows-76pc-in-market-confidence","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence","title":{"rendered":"NMB PROFIT GROWS 76PC IN MARKET CONFIDENCE"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> NMB Bank, one of the largest lenders in the country, recorded a 76-per cent increase in pre-tax profit for year ending this September, thanks to tremendous market confidence in the bank.<\/p>\n<p>The bank, listed on Dar es Salaam Stock Exchange (DSE), recorded a profit before tax jump from 118bn\/- in last year\u2019s quarter three (Q3) to 208bn\/- of similar period this year.<\/p>\n<p>NMB Chief Executive Officer Ruth Zaipuna said the growth was a result of rapid economic growth in the country as witnessed by the declaration of the country\u2019s middle-income status in July.<\/p>\n<p>\u201cThe strong financial performance [so far] is an encouraging indicator of the effectiveness of our strategy, the quality of our people and the tremendous market confidence in the bank,\u201d Ms Zaipuna said yesterday in a statement.<\/p>\n<p>The sustained GDP growth rate over the recent past has also boosted the performance of the banking sector in the country, with NMB Bank being one of the beneficiaries. A favourable business operating landscape, coupled with successful implementation of the lender\u2019s strategic initiatives is also another factor.<\/p>\n<p>During the quarter profit after tax increased by 77 year on year (y-o-y) per cent from 82bn\/- in Q3 2019 to 145bn\/-.<\/p>\n<p>Additionally, during this period NMB Bank\u2019s strategy to grow its strategic income streams was further re-affirmed with the growth of operating income of 14 per cent from 527bn\/- in Q3 in 2019 to 600bn\/- in this year in Q3.<\/p>\n<p>The bank\u2019s efficiency programme and disciplined cost management efforts are also trending well, leading to an improved cost to income ratio of 52 per cent.<\/p>\n<p>Further, confirming the bank\u2019s growing reputation as an economic development financier, NMB Bank\u2019s total assets grew by 15 per cent to 7.0tri\/- up from 6.1tri\/- in a similar period last year. On the other hand, bank deposits dropped slightly to 5.2tri\/- from 5.4tri\/-.<\/p>\n<p>The lender managed to improve the quality of loan book leading to a reduction in loan impairment charges by 22 per cent y-o-y while non-performing loans grew down to 6.6 per cent from 7.0 per cent.<\/p>\n<p>According to financials, NMB Bank strengthened its capital base within both internal and regulatory limits, which is central to sustained business growth in the many years to come.<\/p>\n<p>The bank\u2019s core capital as a proportion of its total risk weighted assets continues to be above the bank of Tanzania statutory minimum of 12.5 per cent.<\/p>\n<p>Last week, NMB Bank was recognised the Safest Bank in Tanzania for 2020 by Global Finance. The accolade comes a few months after Euromoney, a leading global financial markets magazine based in London, named NMB Bank the best bank in Tanzania for the eighth consecutive year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: NMB Bank, one of the largest lenders in the country, recorded a 76-per cent increase in pre-tax profit for year ending this September, thanks to tremendous market confidence in the bank. The bank, listed on Dar es Salaam Stock Exchange (DSE), recorded a profit before tax jump from 118bn\/- in last year\u2019s quarter three [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":17468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[886,438,1451],"class_list":["post-17486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-dse","tag-nmb-bank","tag-ruth-zaipuna"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NMB PROFIT GROWS 76PC IN MARKET CONFIDENCE - Tanzania<\/title>\n<meta name=\"description\" content=\"NMB Bank, one of the largest lenders in the country, recorded a 76-per cent increase in pre-tax profit for year ending this September, thanks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NMB PROFIT GROWS 76PC IN MARKET CONFIDENCE\" \/>\n<meta property=\"og:description\" content=\"NMB Bank, one of the largest lenders in the country, recorded a 76-per cent increase in pre-tax profit for year ending this September, thanks\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-27T19:25:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/10\/115221be58ff9b39021a4ff74730efc9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NMB PROFIT GROWS 76PC IN MARKET CONFIDENCE\",\"datePublished\":\"2020-10-27T19:25:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\"},\"wordCount\":457,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/10\/115221be58ff9b39021a4ff74730efc9.jpg\",\"keywords\":[\"DSE\",\"NMB bank\",\"Ruth Zaipuna\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/nmb-profit-grows-76pc-in-market-confidence\",\"name\":\"NMB PROFIT GROWS 76PC IN MARKET CONFIDENCE - 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