NMB posts strong financial results

DAILY NEWS Reporter

NATIONAL Microfinance Bank (NMB) has posted first half year profit of 84.31bn/- up from 77.02bn/- of the same period 2015 indicating the bank will beat 2015 annual profit at the end of the year.

The Dar es Salaam Stock Exchange (DSE) listed bank generated some 150bn/- after tax profits. According to financial results, the bank also posted 45.03bn/- profit in the second quarter of this year compared to 38.65bn/- of the comparative quarter last year.

According to income statement for the period ended June 2016, net interest income for the half year jumped to 222.92bn/- from 179.96bn/- of the same period last year. In the current quarter, the bank posted 116.90bn/- compared to 90.11bn/- of the comparative quarter.

Loans, advances and overdrafts increased to 2.70tri/- on the current quarter to June 2016 from 2.56tri/- of the quarter to March 2016. Non interest income for the period under review rose to 81.74bn/- compared to 80.48bn/- of the same period last year.

Customer deposits slowed slightly by 0.8 per cent to 3.51tri/- on the current quarter from 3.56tri/-equivalent to 0.1 per cent of the previous quarter. The deposits from other banks and financial institutions increased to 2.54bn/- from 1.17bn/- of the preceding quarter.

The Bank total assets grew to 4.72tri/- equivalent to 1.8 per cent on the current quarter from 4.64tri/- which is 1.3 per cent posted on the previous quarter ended March 2016.

Furthermore, the basic earnings per share increased to 169 on the period under review compared to 154 of the comparative period. For the current quarter it rose to 90 compared to 77 of the previous quarter last year.

Also the bank has continued to be the biggest employer among banks after increasing the number of employees to 3,316 on the first six months compared 3,028 of the comparative quarter.