BANK M RELEASES QUARTER 1, 2015 FINANCIAL RESULTS

Bank M Deputy CEO, Jacqueline Woiso.

Dar es Salaam – Monday April 13th 2015; Bank M, the fastest growing corporate and investment bank, continued to raise the bar in the year 2015 after announcing yet another pre-tax profit increase of 48.4 per cent in this year's first quarter.

The bank generated a pre-tax profit of TZS 6.13bn/- in this year's first quarter compared to 4.13bn/- of similar quarter last year, after net interest and non-interest incomes generated hefty revenues.

The pre-tax profit generated in first three months of this year of TZS 6.13bn/- is a third of TZS 20.11bn/- which was realized in 2014. This indicates is another good year for the bank.

Speaking at the press conference in Dar es Salaam, Bank M Deputy Chief Executive officer Jacqueline Woiso said the net interest income contributed dearly on the first quarter profitability after generating TZS 7.8bn/- versus TZS 6.5bn/- of same quarter last year.

“The net interest income generation is raised with the expansion of the loan portfolio that increased by almost 9.0 per cent in the last quarter,” Jacqueline said, “never the less non-interest income also contributed substantially.”

The non-interest revenue increased to TZS 5.82bn/- compared to previous year TZS 3.86bn/- thanks to mainly foreign currency dealings and commission from Trade finance and other banking transactions.

The bank total assets grew closely by 6.0 per cent to TZS 728.04bn/- at the end of the first three months of this year. The growth in assets is an outcome of additional loans and advances issued within the stated period.

The financial results show that customer deposits crossed further the half billion mark at close of the first quarter after going up by 2 per cent to TZS 518.65bn/- from TZS 509.72bn/- of the fourth quarter year 2014.

The deposits assisted to stabilize the gross loans and advances to total advances at around 90 per cent. The industrial benchmark, according to Bank of Tanzania, is 80 per cent.

The bank’s non-performing loans recorded at 2.3 per cent, which is well below the industry average of 5.0 per cent.

Bank M is a medium-sized financial services provider. In addition to banking services, the bank provides investment advisory and wealth management services.