BANK M ASSETS RECORD A HIGH IN THIRD QUARTER 2015

Bank M's Deputy CEO Ms. Jacqueline Woiso announcing the bank's quarter three financials to the reporters (not in the picture) during a press conference held at Hyatt Regency today. She is flanked by Bank M's Communications Director Mr. Allan Msalilwa"

Bank M Tanzania plc, has yet again recorded a robust performance in the third quarter of the current year, has posted a profit before tax of TZS 4.73billion.

The eight year old Corporate and Investment Bank registered a pre-tax profit of TZS 11.39 Billion during the nine months ending 30th September 2015 compared to TZS 10.58 Billion for the same period last year.

Commenting on the performance of the Bank for the third quarter of this year, Ms. Jacqueline Woiso, the Deputy CEO of the Bank said that the performance was exceptionally good. “We have again shown an excellent performance in the third quarter of this year, and we believe that the remaining one quarter of this year will be even better” she said.

Speaking to reporters during press conference, Ms. Woiso attributed that According to the just released financial statements of the Bank for the third quarter, the growing profit was largely attributed by an increased in non interest income which rose to TSZ 17.34 billion in this year from cumulative figure of TZS 13.12 billion in September 2014.

The financials are also indicative of the prudent lending practices adopted by the Bank as is evident from the NPLs (non-performing loans) standing at 2.6% - which well below the industry average.

On a quarter-to-quarter basis, the Bank, posted a pre-tax profit of TZS 3.32 Billion in the third quarter of this year compared to TZS 4.15 Billion for the same quarter in 2014.

Total assets grew to TZS 823.43 Billion as at the 30th September 2015, registering an annualized growth of 19% over the December 2014 level while deposits grew to TZS 696.22 Billion at the same period, recording an annualized growth of 19% over the December 2014 level.

The bank’s lending strategy is focused on key sectors of the nation’s economic growth which are Agriculture, manufacturer, trade, hotel and restaurant, tourism and real estate, these are the top 6 sectors that dominated the lending portfolio in this year’s third quarter.

Ms. Woiso added that the Bank has managed to attain this growth due to its professional expertise and the trust and confidence reposed on it by its customers.

“We at Bank M have made our clients the nucleus of our business. Hence our products and service delivery are unique and tailor-made to suit the needs of our customers. ” she added.

As at December 31st 2014 Bank M ranked the 8th largest bank in terms of balance sheet size and ranking at 6th position in profit, opened doors in 2007 with the conviction to provide world class banking services in Africa and add value to the clients with customised products and services. Bank M marked its 8th years Anniversary in July this year.