NMB Bank Plc has recorded a 52%
increase in Profit after Tax (PAT) for the year ended 31 Dec 2019.
The Bank’s net profit increased from TZS
97.7 billion in 2018 to TZS 148.6 billion in 2019. The growth is attributed to
an increase in the Bank’s operating income, which increased by 5%, reduced
impairment charges by 27%, and cost control measures that resulted in flat year
on year operating costs.
The Bank’s interest income increased by 4% from TZS 601.6 billion in
2018 to TZS 626.3 billion in 2019, Non-Funded income increased by 14% from TZS
195.9 billion in 2018 to TZS 224 billion in 2019, while impairment charges
dropped by 27% YoY from TZS 137.3 billion in 2018 to 100.4 billion in 2019, attributed
to significant improvement in the quality of the loan book and loan repayments
during the year.
The Bank’s total assets grew by 15% from TZS 5,680 billion in 2018 to
TZS 6,548 billion in 2019. Loans and advances to customers increased to TZS
3,619 billion a 12% increase from TZS 3,272 billion recorded in the previous
year.
The Bank’s asset growth was funded by a TZS 629 billion increase in
customer deposits as well as the NMB Retail Bond, which raised TZS 83.3 billion
in liquidity. Overall customer deposits rose by 15% from TZS 4,280 billion in
the previous year to TZS 4,871 billion in 2019.
With approximately 22% market share in
both loans and customer deposits, NMB has the largest Balance Sheet in the
banking industry and remains the most profitable Bank in the country.
The Bank wishes to thank customers, shareholders, investors, the Government
and staff for their continued support, trust and confidence. We look forward to
a more successful 2020.
NMB Close to You.
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