Bank M, one of the country’s fastest growing banks, has declared a pre-tax profit of 3.41bn/-, which is an increase of 234 per
cent over the corresponding quarter in the previous year.
Bank M's Head of Finance Iman John attributed the achievement to
customers' confidence that has enabled
the bank to grow by an average of 60 per cent year-on-year since inception five
years ago.
"Such a landmark growth is due to customers' confidence in the
bank's financial and professional strengths," Mr John told journalists
over the weekend.
The Head of Finance attributed the doubling of pre-tax profit largely
to the 90 per cent growth in net interest income that climbed from 24.74bn/- of
first quarter in 2011 to 47.11bn/- in the current quarter in 2012.
Alongside the income generated from loans, the non-interest income,
from fees and commissions of the bank has also grown significantly to 27.24bn/-
this year's first quarter against 13.6bn/- of the previous year.
The Financial Controller added that the bank had a deposit base of 263.71bn/- as at 31st of March, 2012 and a
balance sheet size of 312.23bn/-, making
it the tenth largest bank in the local market, from a group of 45 banks. As on
the reporting date, the bank's loan book had grown to 202.68bn/-.
Godfery Utouh, the bank M's Head of Internal Audit, said that prudent
lending practices and tight post sanction controls ensured that the non-performing
loans to stay down below 2 per cent, which is well below the industry average.
The bank's Head of Corporate Affairs Ambrose Nshala talked about the
continuing shareholder commitment to the growth of the bank by consistent
injections of fresh capital, in order to take care of the growth potential of
the bank.
Mr Nshala added that during the previous year and the current quarter,
the shareholders of the bank have pumped in 10.97bn/- as additional capital. He
added that it is remarkable that the bank has not declared any dividends,
despite significant profits being generated after payment of taxes, which is
further indicative of the shareholder's commitment to the health and well being
of the bank.
Apart from the bank making great achievements in the growth in balance
sheet and business as well as profitability, it has also made significant
progress in achieving its stated policy of gender parity in employment by end
of year 2012.
The bank's Head of Transaction Banking, Ms Jacqueline Woiso mentioned
that it is a matter of pride for her and all the other women employees of the
bank that the female employees' ratio currently stands at 51 per cent against
49 per cent of male.
"We expect the ratio to remain in favour of women," Ms Woiso
said, adding that "the bank's commitment to gender parity is not
restricted to the hiring of lower level female tellers, but is also reflected
in the top management team of the bank."Despite being young in the market,
Bank M has been an active player in fulfilling its commitment to the society by
undertaking significant activities under its Corporate Social Responsibility
Initiatives (CSRI).
The bank is currently organizing the Bank M - East African CSR Awards,
which recognizes best CSR initiatives across corporates in East Africa.The
awards function is rapidly developing into one of the largest corporate events
in Tanzania.
Source: The Daily News,http://www.dailynews.co.tz
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