NBC posts 3.3bn/- profit

The National Bank of Commerce Ltd (NBC) total comprehensive income rose significantly to 3.3bn/- for the year ending December, last year, compared to a loss of about 1.1bn/- recorded in the corresponding period in 2011.

The bank’s extracts from the audited financial statements show that the comprehensive income was 1.05bn/- compared to a 938m/- loss recorded in the year ending December 2011. 

Similarly, net income after tax increased to 2.25bn/- in the period under review, up from a loss 167m/- recorded in the year ending December 2011.

The bank’s outstanding performance was partly contributed by the increase of net interest income of 97bn/- against the 88bn/- recorded in the previous year. Thus, the net and non-interest incomes together increased to 131.87bn/- compared to 129.2bn/- of the preceding period.

Furthermore, the bank’s total assets has been increasing significantly in three consecutive years to about 1.52tri/- in the year ending December 2012 compared to 1.49tri/- and 1.44tri/- recorded in 2011 and 2010, respectively.

The positive performance of the total assets is partly contributed by the increase in cash and balances with the Bank of Tanzania (BoT) to 296.9bn/- in period under review from 275.9bn/- and 247.4bn/- registered in the period ending December 2011 and 2010, respectively.

Also, the deposits due to customers increased to 1.29tri/- in the period ending December, last year compared to 1.28tri/- and 1.21tri/- registered in the previous years, 2011 and 2010, respectively.

According to the bank’s report, the basic earnings per share increased to 2,252/- in the period under review, up from a loss of 167/- registered in the year ending December 2011.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam
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