NMB posts robust profit

The National Microfinance Bank (NMB) has posted a cumulative annual profit after tax of 80.23bn/- for the year ended September 2012, up from 55.08bn/- recorded in the 2011.

Last week, NMB scooped the top award for overall tax compliant client and the second largest taxpayer with 61bn/- paid to state coffers in the 2011 financial year.


The bank was also awarded a certificate of merit during the 6th Taxpayers Day organized by the Tanzania Revenue Authority (TRA) held in Dar es Salaam.

According to the annual report of the bank released in Dar es Salaam, the net interest income during the period under review jumped to 203.94bn/- compared to 131.63bn/- posted in the preceding year.

The bank’s loans, advances and overdrafts have jumped to 1.21tri/- in the year ended September 2012, stated the bank’s statement.

 For example, in the three months marking the quarter ended September, the NMB managed to increase loans, advances and overdrafts to 33.15bn/-.
Lending activities is the bank’s core business. 

However, the gross loans and advances to total deposits ratio slipped slightly to 58.58 per cent from 61.30 per cent recorded in June, this year. 

Also the non-interest income increased to 73.78bn/- in the year ended September 2012 compared to 66.20bn/-recorded in the previous year.

The foreign currency dealings and transactions rose to 6.89bn/- in the period under review compared to 4.82bn/- recorded in 2011. The fees and commissions edged upward to 66.05bn/- in September, this year compared to 51.76bn/- posted in 2011.

Similarly, the bank’s operating income rose to 119.14bn/- compared to 79.94bn/- recorded in the previous year. The NMB’s investment in government securities shot up to 532.51bn/- compared to 486.29bn/- of 2011. 

In the meantime, customer deposits have climbed to 2.61tri/- , equivalent to 7.43 per cent increase compared to 2.013tri/-, a 3.32 per cent growth recorded in the quarter ended June, this year.
Source: The Daily News,http://www.dailynews.co.tz, reported by Sebastian Mrindoko in Dar es Salaam
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