Wednesday, 8 February 2017
BANK M HITS TSHS. 1 TRILLION IN TOTAL ASSETS
Dar es Salaam, February 06, 2017: Bank M Tanzania Plc has yet again recorded a robust performance in the year 2016. In what has become customary for the Bank, it has posted a record growth in total assets crossing the one trillion mark as at 31st December 2016, which is only 10th year of its operation.
The nine year old Corporate and Investment Bank registered a pre-tax profit of TZS 23.66 Bln during the year ended December 2016 which is 35% growth compared to TZS 17.49 Bln for the previous year.
According to the just released financial statements of the Bank, major part of the profit was earned from interest income amounting to TZS 94.63 Bln, an increase of 30.9% over last year. The bank has successfully contained Non Interest Expenses to TZS 34.15 Bln, which is a growth of mere 4.27% over the previous year.
Total assets grew to TZS 1,051.89 Bln as at the 31st December 2016, registering a growth of over 22% over the previous year; whereas, deposits grew to TZS 805.94 Bln during the same period, recording a growth of over 6%.
Commenting on the performance of the Bank for the whole year 2016, Ms. Jacqueline Woiso, the Acting CEO of the Bank said that the performance was exceptionally good despite of tough market conditions. “We have again shown an excellent performance in 2016, and we believe that this year will be even better” she said.
Ms. Woiso said that the Bank, which is just nine years old, has managed to attain this growth due to its client focus, professional expertise, trust and confidence reposed on it by its customers.
In terms of product development during the previous year, Bank M rolled out Money. Moja Kwa Moja, which enables 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 to clearance. Additionally the bank is also in the final stages of upgrading its core banking system to Flexcube version 12, a product of Oracle Financial Services.
“Bank M has continued to focus on family owned corporates and this single minded focus has helped the Bank to clearly understand the requirement of its target clients and develop all its products & services based on the needs and expectations of the clients. This recognition is due to the demands made on the Bank by its corporate clientele to whom the Bank is truly indebted. The bank was adjudged as the “Best Corporate Bank – Tanzania for 2016” during Banker Africa East Africa Awards for 2016 ceremony awards organised by the CPI Financials in Dubai”, she added.