Bank M puts up another stellar performance in Q3

By The guardian reporter

Bank M Tanzania Limited

Bank M Tanzania Limited has continued to impress with yet another quarter of excellence in growth.
The published results of the bank for the quarter ending September 2013, reveal that it
registered a pre-tax profit of 4.27bn/-, an increase of 41 percent compared to the previous year’s figure of 3.03bn/-.

For the entire last year, the pre tax profit was 12.44bn/-, which has been surpassed by far by the pre tax profit of 13.17bn/- for the first nine months of this year.

The 6 year old bank is now the byword for growth, profitability and corporate governance. As has become customary, the bank is the first in the country to come out with quarterly performance figures within 3 days of the quarter-end.

The Bank, also known for its quick and efficient service delivery and commitment to its clients, is among the nation’s most profitable banks.

Jacqueline Woiso, the Deputy CEO of the Bank, attributed the Bank’s success to its deep understanding of the requirements of its clients and the excellence in delivering these in the most efficient and seamless manner.
“It is obvious that our bank is the preferred one for most Tanzanian corporate” she said thanking all the customers and stakeholders of the bank for the trust and confidence reposed by them in the bank.

Bank M’s quarter on quarter basis Net Interest Income registered an increase of 55 percent.
The Net Profit also amplified to 2.95bn/- during the current quarter, compared to 2.13bn/- in the same quarter last year – an increase of 39 percent.

Commenting on the Bank’s performance during the nine months of 2013, Woiso stated that the total assets of the Bank rose to 486bn/-, with total deposits registering a 16 percent growth and crossing the 400bn/- mark at 407.87bn/-, compared to the level of 349.68bn/- as at the end of 2012.

The total advances of the Bank grew by 24 percent to 397.34bn/- during this period compared to the level of 319.80bn/- at the end of 2012.

The Non Performing Loans of the bank as at the end of September 2013, constituted 1.54 percent of its total loans, lower than the 1.83 percent figure as at the end of December 2012, indicative of the quality of the Bank’s loan exposures and the robust supervision and monitoring processes adopted.

Woiso added that building on the strengths of the Bank, the performance of the Bank is expected to be better in the last quarter and the year-end results will show a further improvement. 

SOURCE: THE GUARDIAN