SYLIVESTER DOMASA
The Guardian
THE number of banks listing at Dar es Salaam Stock
Exchange will increase as Bank M Tanzania Limited is planning to make
an initial public offer.
Apparently
the corporate based financial institution which also announced plans to
open two additional branches, one in Dar es Salaam and another in
Mtwara this year, wants to boost its capital account.
Speaking shortly after announcing the bank’s first quarter performance with positive growth on its balance sheet and over 7bn/- gross profit, Deputy CEO, Jacqueline Woiso said so far this year, indicators are good.
Woiso said the bank is in talks with Bank of Tanzania and Capital Market and Securities Authority (CMSA) over the matter. Through its initial public offer (IPO), Bank M targets to raise 50bn/-.
The nine year old corporate and investment bank registered a pre-tax profit of 7.4bn /-during the first three months of the current year compared to 6.13bn/- for the same period last year.
“Non- interest income was reported at 6.6bn/- also recorded a strong growth of 15 percent against the income realised for the corresponding period in the previous financial year,” she said
“The financial report is also an indication of the prudent lending practices adopted by the bank as is evident from the NPLs (non-performing loans) which remain below the rate of 3percent which stands well below the industry average,” Woiso noted.
Total assets grew to 889.11bn/- as at the 31st March 2016, registering an annual growth of 22percent over the December 2015 quarter level while deposits grew to 746.49bn/- over the same period, recording an annual growth of 19percent over the same period.
Meanwhile Bank M is in the process of rolling out two products in the market, they will include Moja kwa Moja which will enable clients to upload their outward clearing cheques from the convenience of their offices rather than operating through the traditional ways where a client will be required to physically deposit the cheques at the bank prior clearance. The other product will be named later.
Speaking shortly after announcing the bank’s first quarter performance with positive growth on its balance sheet and over 7bn/- gross profit, Deputy CEO, Jacqueline Woiso said so far this year, indicators are good.
Woiso said the bank is in talks with Bank of Tanzania and Capital Market and Securities Authority (CMSA) over the matter. Through its initial public offer (IPO), Bank M targets to raise 50bn/-.
The nine year old corporate and investment bank registered a pre-tax profit of 7.4bn /-during the first three months of the current year compared to 6.13bn/- for the same period last year.
“Non- interest income was reported at 6.6bn/- also recorded a strong growth of 15 percent against the income realised for the corresponding period in the previous financial year,” she said
“The financial report is also an indication of the prudent lending practices adopted by the bank as is evident from the NPLs (non-performing loans) which remain below the rate of 3percent which stands well below the industry average,” Woiso noted.
Total assets grew to 889.11bn/- as at the 31st March 2016, registering an annual growth of 22percent over the December 2015 quarter level while deposits grew to 746.49bn/- over the same period, recording an annual growth of 19percent over the same period.
Meanwhile Bank M is in the process of rolling out two products in the market, they will include Moja kwa Moja which will enable clients to upload their outward clearing cheques from the convenience of their offices rather than operating through the traditional ways where a client will be required to physically deposit the cheques at the bank prior clearance. The other product will be named later.
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