The bank’s financial statements show that the major part of the profit was earned from interest income amounting 94.63bn/- which is an increase of 30.9 per cent over the last year.
“We have shown an excellent performance in 2016 by becoming the eighth bank in terms of profit, believing that this year will be even better,” said Bank M Acting Chief Executive Officer Ms Jacqueline Woiso in Dar es Salaam yesterday.
Despite the tough market conditions, she said the nine years bank has managed to attain this growth due to its client focus, professional expertise, trust and confidence reposed on it by its customers.
The bank has successfully contained non interest expenses, other than loan loss provisions and extraordinary expenses to 34.15bn/-, representing 4.27 per cent compared to the preceding period. Also, the total assets registered growth of over 22 per cent to 1.05tri/- whereas deposits jumped to 805.94bn/- which is 6 per cent growth.
During the year under review, in terms of product development the bank rolled out money moja kwa moja enabling clients to upload their outward clearing cheques from the convenience of their offices rather than operating through the traditional ways where the client will be required to physically deposit the cheques at the bank prior to clearance.
She said the bank is 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 helping to clearly understand the requirement of its target clients and develop all products and services based on their needs and expectations,” she noted.
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