The
bank posted a net profit of 145m/- in quarter one compared to a 207m/- loss
realized during the same quarter last year. The bank financial results released
over the weekend shows that despite dwindling net income interest, non interest
income soared to offset the deficit.
The net income interest slightly slowed down to
2.07bn/- from the previous period's 2.19bn/-. The net interest income was eaten
by interest expenses. On the other hand non-interest income jumped to 449m/-
from 252m/-, pushed up mainly by fees and commissions that went up over three
times to 357m/-.
The net income interest was pushed up by
increased loans dished out in the first three months of the year to 64.5bn/-
from 63.4bn/- of last year’s Q4. The loan portfolio enabled assets to grow by
2.6 per cent to 114.6bn/-, with total deposits increasing by 1.5 per cent to
85.2bn/-.
The bank, listed on DSE's second window --
Enterprise Growth Market (EGM), saw its basic earnings per share rising to 70
cents from negative four cents, thanks to the realised profit.
The share price of the bank, which has increased
its outreach to six branches across the country and a 127 workforce from 87,
had since January stagnated at 1,000/-.
The bank, officially launched in 2009, has opened
six branches, three in Dar es Salaam and others in Moshi, Kilimanjaro Region,
Mwanza and recently in Bukoba.
Analysts had it that the pace of Mkombozi
profitability increase would elevate the bank from alternative market to main
market in near future.
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