THE National Bank of Commerce (NBC) has posted impressive profits during the third quarter of the year.
According to the
third quarter financial statement, that was released last week, the bank
has...
attained impressive growth of 367 per cent on its profit after Tax
(PAT) compared to last year.
"Our impressive
performance for the last nine months is mainly attributed to our ongoing
cost savings and efficiency drive, increased fee income from
transactional activities and improved quality of the loan portfolio,"
said Mr Theobald Sabi NBC Managing Director.
Taking a closer
look, at the NBC third quarter financial statement, as at end of
September, NBC had Net Loans and Advances to the tune of 987bn/- and
Customer Deposits worth 1.717tril/-.
"Our total net
loans and advances increased quarterly by 3.7 per cent, mainly
contributed by additional loan bookings from our Corporate, Retail and
Business Banking clients, whilst our overall customer deposits increased
by 19.3 per cent," added Mr Sabi.
"Our continued
focus of on boarding quality loans has started to pay off resulting in
lower impairment charges for the third quarter of the year.
In addition,
Non-Performing Loans (NPLs) ratio has continued to decline to 6.9 per
cent down from 10.1 per cent as at September 2018," said Mr Sabi.
The NBC Digital Transformation agenda continued to deliver impressive results, which have contributed to our bottom line.
Our Mobile Banking transactions have grown by 50 per cent compared to last year alone.
This represents
that our customers are effectively utilizing our electronic offerings
and thus reducing the time required to conduct transactions in the
branches. "Our purpose is to provide convenient services to our
customers and clients.
We want our
customers to be able to bank or transact wherever they are without
visiting branches. We also want our customers to enjoy the different
services and products that we have built in our digital platforms," said
Mr Theobald Sabi.
The Online and
Mobile Banking proposition have become popular electronic channels
widely used by Retail (Individual) and corporate clients.
The online transactions are safe and secure allowing Bulk Payments, Local and International Payments.
"Our Digital
Banking Facilities provides individuals, SMEs, Government Agencies, and
Corporates with convenient and efficient Cash Collections and Payment
solutions," said Mr Sabi.
Another fast
growing electronic channel is the NBC Agency Banking (NBC Wakala) that
now has a membership of over 2,000 agents spread across the country.
Customers are now
able to access their accounts and make payments with greater convenience
through the growing NBC footprint of agents.
NBC Wakala are now GePG compliant and thus customers can settle their dues to the Government through the NBC Wakala network.
NBC is now one of the leading banks in respect of Government Revenue Collections through GePG.
Our electronic
channels are Government Electronic Payment Gateway (GePG) compliant,
thus allowing our customers the choice to settle government levies and
fees through our convenient electronic channels," said Mr Sabi.
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