The National Microfinance Bank (NMB) shareholders have approved a dividend payment of TZS 90 per share which translates into a total dividend of TZS 45 billion allocated out of 2013 profits.
Addressing a news conference after the bank's Annual General Meeting (AGM) over the weekend in Dar es Salaam, NMB Chief Executive Officer, Mr. Mark Wiessing, said the bank's financials after registered a TZS 134 billion net profit, equivalent to 37% increase compared to last year. The bank also managed to record TZS 188.1 billion profit before tax, up 30% from the previous year.
He said the return on shareholders' funds rose by 29% while retaining a strong balance sheet with a Non Performing Loan (NPL) ratio of less than 2.6%. He added, the bank also continued to gain market share in loans and deposits.
Revenues increased by 18% to TZS 422 billion, loans were up by 20% to TZS 1.61 trillion, deposits rose by 13% to 2.58 trillion. Similarly, the bank's key efficiency ratios remained stable or improved in 2013 with the cost to income ratio closing at 53% and the loan to deposit ratio closing at 63%, which is well below the regulatory maximum of 80%.
NMB has continued to provide transactional, savings and investment as well as lending solutions to its growing customer segments including personal banking, M-SME (Micro, Small and Medium Enterprises), food and agribusiness, large corporates and government.
Currently, the bank has over 2 million customers, implying that up to 40% of all Tanzanians owning bank accounts hold an account with NMB. In order to serve its customers more efficiently, the bank is planning to increase its branches to 173 from the current 153, thus continuing to be the dominant bank in the country in terms of network.
The ATM network has grown to over 500 machines countrywide and NMB mobile is used by over 850,000 customers.
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