Bank M profits jump in first half of this year

Bank M Tanzania Limited recorded about 8.89bn/- pre-tax profit for the six months ending last June, a substantial increase from 6.6bn/- posited during the same period last year.

The half year profit is almost three quarters of the 12.4bn/- pre-tax profit that the six-year corporate and investment bank registered for the entire business year 2012.

The bank said in a statement in Dar es Salaam that a large part of the profit came from interest income that totaled 13.38bn/-, a 43 per cent increase from last year’s corresponding period.

Non-interest income reached 7.59bn/-, a strong growth compared to income for the corresponding period in the previous year.

The prudent lending practices adopted by the bank is evident from the non-performing loans that remained below two per cent, well below the industry average.

 Total assets grew to 475.76bn/- as at June 30, 2013, registering an annualized growth of 27 per cent over the December 2012 level while deposits grew to 390.25bn/- at the same period, recording an annualized growth of 23 per cent over the December 2102 level.

Commenting on the bank performance, Jacqueline Woiso Deputy CEO, described the performance as exceptionally good. “We have performed excellently in the first half of this year and we hope the remaining two quarters will be even better.”
Source: The Daily News, reported from Dar es Salaam
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