{"id":28169,"date":"2021-05-03T15:07:53","date_gmt":"2021-05-03T15:07:53","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=28169"},"modified":"2021-05-03T14:44:03","modified_gmt":"2021-05-03T14:44:03","slug":"nmb-pre-tax-profit-reaches-93bn-in-q1","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1","title":{"rendered":"NMB pre-tax profit reaches 93bn\/- in Q1"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>NMB Bank cemented its market leadership in the first quarter of this year after its pre-tax profit surged by 34 per cent to 93bn\/-, backed by operational efficiency.<\/p>\n

Also, the largest lender in the land, net profit increased by 33 per cent in the first quarter to 65bn\/- compared to 48.7bn\/- registered in the corresponding period last year.<\/p>\n

NMB\u2019s Managing Director, Ruth Zaipuna, said over the weekend that the solid performance reflects continued revenue growth momentum, disciplined cost-optimization, and enhanced loan portfolio management.<\/p>\n

\u201cWe had a promising start,\u201d Ms Zaipuna said in a statement, since \u201cwe have a firm grip on cost and risk.\u201d Total revenue grew 16 per cent year-on-year (YoY) to 224bn\/- from 193bn\/- recorded in Q1 last year.<\/p>\n

The revenue growth, NMB Chief said, was driven by increase in net interest income due to increase in both loans and advances and investment in government securities.<\/p>\n

In addition, the bank recorded 10 per cent YoY growth in non-funded income mainly due to increased customer activities on the bank\u2019s digital platforms.<\/p>\n

The execution of cost-optimization initiatives continues to yield positive results, with costto- income ratio improving to 48 per cent in Q1 from 52 per cent in Q1 last year, well below the regulatory threshold of 55 per cent.<\/p>\n

\u201cThe bank will continue to implement cost-optimization and operational efficiency initiatives in line with overall bank\u2019s strategic ambitions while continuing to serve customers better,\u201d she said.<\/p>\n

Asset quality has markedly improved, due to continued focus on better quality credit origination, robust portfolio risk management, and recovery efforts.<\/p>\n

This has resulted in containment of impairment charge with marginal increase of 5.0 per cent YoY and improved non-performing loans (NPL) ratio to 5.0 per cent (within the regulatory threshold) from 6.9 per cent in the previous year.<\/p>\n

The bank\u2019s loans and advances grew 11 per cent YoY, while delivery of distinctive customer-focused value propositions has led to a 9.0 per cent YoY growth in customer deposits to 5.3tr\/- in Q1 this year from 4.8tr\/- in Q1 last year.<\/p>\n

\u201cWe continue to place emphasis on maintaining a healthy funding base to support sustainable lending growth as we approach this year\u2019s second half,\u201d Ms Zaipuna said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. NMB Bank cemented its market leadership in the first quarter of this year after its pre-tax profit surged by 34 per cent to 93bn\/-, backed by operational efficiency. Also, the largest lender in the land, net profit increased by 33 per cent in the first quarter to 65bn\/- compared to 48.7bn\/- registered […]<\/p>\n","protected":false},"author":84,"featured_media":28168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-28169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nNMB pre-tax profit reaches 93bn\/- in Q1 - Tanzania<\/title>\n<meta name=\"description\" content=\"NMB Bank cemented its market leadership in the first quarter of this year after its pre-tax profit surged by 34 per cent ...\" \/>\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\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NMB pre-tax profit reaches 93bn\/- in Q1\" \/>\n<meta property=\"og:description\" content=\"NMB Bank cemented its market leadership in the first quarter of this year after its pre-tax profit surged by 34 per cent ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\" \/>\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=\"2021-05-03T15:07:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/05\/img-60900c1d00cc3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"478\" \/>\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\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NMB pre-tax profit reaches 93bn\/- in Q1\",\"datePublished\":\"2021-05-03T15:07:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\"},\"wordCount\":373,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/05\/img-60900c1d00cc3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-pre-tax-profit-reaches-93bn-in-q1\",\"name\":\"NMB pre-tax profit reaches 93bn\/- in Q1 - 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