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| Ms Woiso |
Bank
M’s Head of Transaction Banking, Jacqueline WoisoBank M’s Head of Transaction
Banking, Jacqueline Woiso
BANK
M announced an impressive pre-tax profit for the third quarter this year,
posting a highly inspirational achievement in the face of tight liquidity
restrictions and high inflation rates.
“Our growth has been
enormous,” Ms Woiso said, “(to the extent that) up to the end of this year’s
third quarter, we have surpassed last year’s full year profit.” She added:
“…and
this is a good gesture signifying that this year’s profit target (set at
13bn/-) can be easily realised.”
She attributed the achievement largely to
interest earnings generated from loans, foreign currency dealings, fees and
commissions portfolios.
Proceeds
from the lending portfolio rose by slightly over 44 per cent to 13.77bn/-,
while total non-interest income increased by 86 per cent to 10.08 bn/- in
cumulative year transactions by September, this year.
Bank
M is basically a corporate bank. The revenue from loans followed an increase in
deposits that rose by 44 per cent to clock 378.64bn/- in the quarter ended last
September. The bank’s loan book increased to 291.77bn/- from 240.05bn/-.
Bank
M’s Head of Internal Audit Orest Maskini said the exemplary performance within
just five years of its existence was due to prudent lending and control of the
non-performing loans to stay low at around two per cent only.
“A
first-rate internal control enables assets to grow by almost 38 per cent and
stick to almost the same percentage yearly,” Mr Maskini said.
The situation,
according to the bank, assisted the assets to grow to 462.69bn/- from
335.92bn/-. The industrial non-performing loans stand at about five per cent
only.
The
recently published report on the bank’s performance for the quarter ended last
month shows the lending portfolio caters for all sector of the economy - led by
manufacturing, trading and agriculture.
“Despite
the risks associated with some sectors, such as agriculture, real estate and
exports, after the global financial meltdown, we still managed to record zero
NPLs (Non-performing loans) in such sectors,” Ms Woiso said.
Despite
being young in the market, Bank M has been an active player in fulfilling its
commitment to the society by undertaking significant activities under its
Corporate Social Responsibility policy.
The
bank, in partnership with the Rotary Clubs in Dar es Salaam, is for the third
year in a row, staging the Dar Marathon, which is expected to raise more than
500m/- for the completion of one of the best Sub-Saharan Africa children’s
cancer therapy and treatment centre at the Muhimbili National Hospital.
Source: The Daily News, http://www.dailynews.co.tz, reported by Abduel Elinaza
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