Tanzania's NMB posts robust 156bn/ - profit

National Microfinance Bank (NMB) has posted a robust net profit of 155.62bn/- for the year ended December 2014, up from 133.90bn/- of the similar period a year before.

According to the financial statements published in Dar es Salaam on Wednesday, the rise of the bank's profitability was partly contributed by the increase of net interest income to 378.33bn/- for the year ended December 2014 up from 329.79bn/- posted on the similar period in 2013.

As the listed stock at the Dar es Salaam Stock Exchange (DSE), NMB Bank was on Tuesday one of the top movers with its counter transacting 21,890 shares at weighted average price of 3,500/- per share in 20 deals.

During the period, loans and advances to total assets increased by 51 per cent compared to 49 per cent, a year earlier. Also gross loans and advances to total deposits rose by 68 per cent from 64 per cent in December 2013.

The bank disbursed loans, advances and overdrafts amounting to 2.007tri/- compared to 1.61tri/- in the period ended December 2013.

In terms of deposits, the bank managed to increase them by 16 per cent to 2.97tri/- compared to 2.56tri/- , while total assets shot to 3.11tri/- from 2.58tri/-.

Also during the period the bank managed to hold constant the non-performing loans to total gross loans at an average of 3 per cent as in the previous which is below the banking industry standard of 5 per cent.

NMB Bank has also continued to play the leading role as the biggest employers in the banking industry after increasing the number of employees to 3,009 during the period under review from 2,871 in 2013.

Also during the period, the basic earnings per share and diluted earnings per share increased to 311/- from 268/- respectively, while the number of branches jumped to 163 from 152 in the quarter ended 2013.

The bank's financial results revealed the increase of shareholders fund by 17 per cent to 567bn/- compared to 457bn/- registered in the corresponding year before, which is good news for shareholders to smile.

Source: Daily News,reported from Dar es Salaam, Tanzania

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