The bank’s operating profit grew handsomely by 41 per cent from
9.01bn/- during 2011 to 12.66bn/-during the year 2012.
The performance can be considered commendable despite a turbulent
economic and financial environment. Bank M’s Deputy Chief Executive
Officer (CEO - Commercial), Jacqueline Woiso attributed the performance
of the bank to good services.
“We constantly put our clients at the heart of our strategy and the
clients have responded positively by reposing their faith in our ability
to deliver the same consistently,” she said.
Backed by the robust
growth in the loan book and deposits, bank’s net interest income grew
from 15.07bn/- as at the end of the previous year to 19.69bn/- during
the current year, 2012, a growth of 31 per cent.
Ms Woiso cited the example of the growth of Non Interest Income by 82
per cent from 7.53bn/-during the year 2011 to 13.72bn/-during the year
2012 which substantiates the customer confidence.
She further stated that the bank has maintained strong asset quality
in spite of growing at a fast clip over the past few years by astutely
managing the loan portfolio in line with the changing external
environment and careful selection of clients.
The just released financial statements of the bank indicates that the
bank’s NPL ratio actually went down from 1.9 per cent as at the end of
September, 2012 to 1.8 per cent as at the end of December, 2012.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam
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