BANK M RECORDS HIGH EARNINGS IN QUARTER 4, 2015

"Bank M's Deputy CEO Ms. Jacqueline Woiso talking to the journalists while announcing the bank's 4th quarter 2015 financials during the press conference held at Hyatt Regency yesterday. She is flanked by Bank M's Communications Director Mr. Allan Msalilwa".

Bank M Tanzania plc, has recorded good earnings in the year ended 31st December 2015 with a pre tax profit at TZS 23.27 Bln, registering a growth of 16% comparing to TZS 20.10 Bln earned for the year ended 31st December 2014.

Bank M’s Deputy CEO Ms. Jacqueline Woiso told the press yesterday that the previous year was challenging across the banking industry but we managed to overcome the challenges and register an all-time high profit level of TZS 23.27bn in 2015.”

The fastest growing bank attributes the achievement largely to interest earning generated from the lending portfolio, foreign currency dealings and fees and commission from banking transactions and other services.

The revenues from loans follow a growth in the bank’s loan book which increased to TZS 670.8bn from TZS 644.19bn over the last quarter. The high earnings were also projected from good returns on non-interest income that shot up by over 32 per cent to TZS 23.66bn at the end of December 2015.

In addition to the good performance in terms of profitability, the bank has prudent lending practices enabling control of the non-performancing loans which have consistently remained at 2.5 per cent against the industry average of 5 percent.

Adding on to the financial progress, the total assets of the bank have also increased to TZS 861.98bn from TZS 689.35bn in the year ended 31st December 2014 indicating a growth rate of 25% over the year. The bank’s total deposit increased by over 24 per cent to TZS 726.89bn at the end of December 2015.

During 2015 Bank M bagged various international awards including the Commercial Bank of the Year-Tanzania award for year 2015 given by the London-based International Banker magazine, the Best Corporate Bank and the Best Community Development Bank for East Africa granted by the Banker Africa.

Jacqueline mentioned that Bank M is not only a stronger believer in quality service delivery only, but also in giving to the community from which it operates.

Bank M which is in its ninth year of existence, has consistently shown exemplary results and at the same time stands out as a smart and innovative bank known for quick and reliable processing of transactions such as Funds transfers, payment of taxes and which introduced the market to concepts such as 8 to 8 banking, Sunday to Sunday banking, door delivery and pick up of cash as well as non cash documents and service standards guarantee.

She finally wished the entire Bank’s customers and stakeholders a prosperous new year and reiterated the Bank’s commitment to provide the best services and attention at all times.