Bank M's Acting CEO Ms. Jacqueline Woiso talking to the reporters while announcing the bank's 2016 financials during the press conference held at Hyatt Regency over the weekend. The bank's profit rose by 35 percent in the year ended 2016. With her is the Bank M's Communications Director Allan Msalilwa.
Bank M, Corporate
and Investment Bank and the fastest growing
bank in the region, has posted a pretax profit increase during the year 2016.
The bank which has been growing steadily over the past 9 years
of operation, closed the year 2016 with a robust performance with the total
assets growing to TZS 1.051 Trillion and a profit before tax of TZS 23.54bn from TZS 17.49bn which is a growth of 35 per cent. Profit after tax also
increased to TZS 15.55bn.
During the press conference held over the weekend, Bank M’s
acting CEO Ms. Jacqueline Woiso said that according to the financial report
issued recently the bank showed the profit came from interest income which
increased by almost TZS 22.3bn to TZS 94.7bn at the end of last year.
“This following an increase in loans and advances that grew by 19
per cent to TZS 798.13bn from TZS 668.58bn. Hence pushing up total assets to
historic high amount of TZS 1.05tri/-“, said Jacqueline.
The report shows also that total deposits of the bank stood at TZS 865.09bn
as at 31st Dec 2016, growing from TZS 759.19bn in 2015.
Also, revenue from non-interest income contributed TZS 23.63bn
in 2016 which was almost the same level with the previous year.
“It is a good
performance in deed, for a bank which has been operating in less than 10 years
Bank like ours we have
again shown an excellent performance in 2016, and we believe that this year
will be even better” Jacqueline concluded.
Bank M opened doors some nine years ago and it’s the only bank
works from 08am to 8pm everyday within seven days a week. The bank has
grown well to become the 7th largest bank in terms of balance sheet
size, with a ranking of 9th in profitability and 4th
largest lender in the market.
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