NMB endorses 34bn/- dividend

The National Microfinance Bank (NMB) shareholders have endorsed a dividend of 34bn/- or 68/- per share at the firm's annual general meeting (AGM) held in Dar es Salaam on Saturday.

The NMB Managing Director, Mr Mark Wiessing, told the meeting that the bank maintained a strong financial performance during the year, in line with the country's positive economic growth.

He said NMB posted a record net profit of 97bn/-, representing 36 per cent growth compared to the year 2011, while the return on shareholders' funds was recorded at 27 per cent.

"The bank retained a strong balance sheet with a non-performing loan (NPL) ratio of less than 2.4 per cent. It also continued to gain market share in loans and deposits," the CEO explained.

He said deposits closed at 2.3tri/-, up 27 per cent on 2011 and growing well ahead of the market as a whole, while total revenue grew 39 per cent in 2012, to reach 373bn/-.

The bank's loan and advances portfolio closed the year at 1.35tri/-, with only 2.4 per cent classified as NPLs.The Chief Finance Officer of the bank, Waziri Barnabas told the bank's 5th AGM held in Dar es Salaam the year 2012, was "a very successful one."

“NMB continued to provide transactional, savings, investment and lending solutions to our growing customer base in our chosen wholesale, MSME, food and agriculture, government and personal banking segments nationwide," he said.

He added that: "NMB branch network of 150 branches continues to be the dominant network among banks in Tanzania, fulfilling a key role in empowering local communities, and thus having significant but often forgotten economic impact, especially in those previously unbanked communities and districts.

"Currently, NMB has over 1.8 million customers, which means that up to 40 per cent of all Tanzanians who have a bank account actually hold an account at NMB."
Source: The Daily News, reported from Dar es Salaam
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