NMB Chief Executive Officer, Mark Wiessing
THE National Microfinance Bank (NMB) has posted net profit of 44.33bn/-during the quarter ended June this year, compared to 33.14bn/- registered in the corresponding period 2013, thanks to the increased lending activities issued to customers.
According to the NMB Bank financial report published yesterday in Dar es Salaam, the amount issued as loans, advances and overdrafts increased to 1.89tri/- from 1.72tri/- during the first quarter of 2014. Net interest income reached 97.99bn/- compared to 97.14bn/- of the previous quarter.
Apart from lending, which is the core business banking NMB Bank registered remarkable successes in foreign currency dealings and translation as well as fees and commission.
Customer deposits during the quarter recorded an increased to 2.61tri/-, a slight decline of 1.8 per cent compared to an increment of 2.66tri/- in the preceding period representing 4 per cent growth.
Also the period witnessed differences in assets growth that grew by 1.2 per cent compared to 4.7 per cent of the quarter ended March this year.
The bank's total assets increased to 3.47tri/- compared to 3.43tri/- registered in the first quarter. Although it is below the 5 per cent put as market standards, the banks non performing loans to total grow loans slightly went up to 2.7 per cent in the period under review compared to 2.5 per cent of the preceding quarter.
The impairment losses on loans and advances in the period were 4.66bn/- compared to 4. 65bn/- in the first quarter 2014.
The NMB Bank outstanding performance is what made it to be named for the second time by Euromoney as the Best in the country.
Every year, the prestigious Euromoney institute globally compares banks in the respective markets on financial indicators reflecting performance and strengths.
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