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| Bank M's CEO (Designate) Ms. Jacqueline Woiso speaks to reporters while announcing the bank's quarter one financials during a press conference that was held in Dar es Salaam recently. With her is Bank M's Head of Products, Mr. Johnbrighton Ngowi. |
The nine year old Corporate and Investment Bank registered a pre-tax profit of TZS 7.4Bln during the first three months of the current year compared to TZS 6.13Bln for the same period last year.
According to the just released financial statements of the Bank for the first quarter ending on 31st March 2016, a large part of the profit has come from interest income which amounted to TZS 22.11 Bln, an increase of 32% over the corresponding period last year. Non- interest income was reported at TZS 6.6 Bln also recorded a strong growth of 15% against the income realised for the corresponding period in the previous financial year.
The financials are also indicative of the prudent lending practices adopted by the Bank as is evident from the NPLs (non-performing loans) remaining below the rate of 3% which stands well below the industry average.
Total assets grew to TZS 889.11Bln as at the 31st March June 2016, registering an annualized growth of 22% over the December 2015 level while deposits grew to TZS 746.49Bln at the same period, recording an annualized growth of 19% over the December 2015 level.
Commenting on the performance of the Bank for the first quarter of this year, Jacqueline Woiso, the CEO Designate of the Bank said that the performance was exceptionally good despite the various market challenges. “The results for the first quarter are quite encouraging as we start this year and we believe that the forthcoming quarters of this year will be even better” she said.
Additionally Ms. Woiso said that plans are underway to increase the bank’s core capital through a Private Placement and Initial Public Offer, these instruments will provide additional capital to the tune of TZS 50Bln. The capital growth plans are scheduled for the second and third quarter of the current year and subject to approvals by the regulatory authorities.
In terms of product development, Bank M is in the process of rolling out two products in the market i.e. Money. Moja Kwa Moja which will enable Bank M clients to upload their outward clearing cheques from the convenience of their offices rather than operating through the traditional ways where a client will be required to physically deposit the cheques at the bank prior clearance.
The other product in the pipeline is Cash Management which will assist the bank’s clients in faster realisation of their accounts receivables, processing of payments and overall liquidity management though a centralised portal.
Commenting on the performance of the Bank for the first quarter of this year, Jacqueline Woiso, the CEO Designate of the Bank said that the performance was exceptionally good despite the various market challenges. “The results for the first quarter are quite encouraging as we start this year and we believe that the forthcoming quarters of this year will be even better” she said.
Additionally Ms. Woiso said that plans are underway to increase the bank’s core capital through a Private Placement and Initial Public Offer, these instruments will provide additional capital to the tune of TZS 50Bln. The capital growth plans are scheduled for the second and third quarter of the current year and subject to approvals by the regulatory authorities.
In terms of product development, Bank M is in the process of rolling out two products in the market i.e. Money. Moja Kwa Moja which will enable Bank M clients to upload their outward clearing cheques from the convenience of their offices rather than operating through the traditional ways where a client will be required to physically deposit the cheques at the bank prior clearance.
The other product in the pipeline is Cash Management which will assist the bank’s clients in faster realisation of their accounts receivables, processing of payments and overall liquidity management though a centralised portal.
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