NATIONAL Bank of Commerce (NBC) has posted a net profit of 12bn/-, an increase of over 30 per cent from the previous year, bringing the bank into the competitive arena.
However, the bank that was privatised to
ABSA some decade and half ago, saw its total comprehensive income for
the year at 32.72bn/-, which is ten times higher than 2014 net-profit.
Other comprehensive income of the bank in last year was 20.68bn/- from
change in fair value of available for sale assets and net of tax.
NBC Managing Director Edward Marks when
taking office last May told reporters that he focused on system
improvement and profitability.
The MD said he wanted to steer the bank
to new heights in the competitive banking industry and maintain the
bank’s upward trend seen in 2014 - posting a profit of 9.09bn/-.
The bank profitability was attributed to
mainly non-interest income that generated 163.5bn/- in 2015 from
147.2bn/- in 2014. The non-interest income was pushed up mainly by net
interest after impairment charges that garnered 110.43bn/- from
99.33bn/-.
Also net interest income generated
116.06bn/- from 113.05bn/-, thanks to the increase of loan portfolio
that lent out 904.5bn/- up from 732.12bn/-.
The loan portfolio pushed up assets to
grow 5.4 per cent to 1.69tri/-, while deposits increased by 3.5 per cent
to 1.31tri/-. In 2014 deposits grew by negative 1.7 per cent to
1.28tri/-.
NBC cut the amount set aside for
probably bad debts by more than half to 5.63bn/- as the Non Performing
loans (NPLs) ratio dropped to 8.2 per cent from 12.6 per cent. NBC is a
retail bank in Tanzania with over 47 years of experience in providing
financial services with an extended branch network of 52 branches and
over 240 Visa enabled ATMs
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