Total assets of the bank grew by 14 per cent as compared to the previous quarter, the bank also recorded a Year on Year growth of 30 per cent.

 

 The bank recorded all round improvement in its performance and financial position as Profit Before Tax for the quarter was 5.90/- bn against 4.27/- bn during the same period in the previous year, growing significantly by 38 per cent on a Year on year basis.

 

 Speaking to Journalists in Dar es Salaam yesterday, Bank M Deputy Chief Executive Officer Jacqueline Woiso attributed the bank’s success to its relationship based model of doing business with family concerns, the understanding of clients’ needs and its ability to create products and services most suited to  emerging large corporate firms as well. 

 

“The bank has emerged the preferred bank of family businesses in Tanzania, propelling its ascendancy to the top 10 banks in just its eighth year of existence” she said.

 

 The bank’s recently released financial statement for the 3rd quarter of this year shows that customer deposits grew 25 per cent and advances by 30 per cent on a Year On Year basis. 

 

Despite this, Non Performing Loans (NPLs) as a percentage of total advances reduced from 2.06 pct in Q1 to 1.75 percent in Q3. Provision coverage ratio for NPLs improved from 75 percent in Q1 to 85 percent as the end of Q3 this year.

 

 Further, the financials indicate that shareholders’ funds recorded an increase of 10.39/- bn during the year representing a 17 per cent growth thanks to a hundred per cent retention of profits in the business.

 

 Commenting on the bank’s operations during Q3, Jacqueline, stated that the value added services and efficiency of operations has resulted in increasing profitability of the bank. 

 

Profit before taxes touched a record level of  5.90bn/- for the quarter on the back of a 12 percent growth interest income and a 28 percent growth in fee based income.

 

 On the expenses side, Non Interest Expenses to Gross Income ratio fell substantially from 58 percent to 53 percent, contributing to improved profitability.

 

 Jacqueline mentioned that the bank is not only a stronger believer in quality service delivery only, but also in giving to the community from which it operates. 

 

The bank undertakes CSR activities aimed at contributing towards improvements in community health and education areas, protection of the environment and growth of local artists.

 

 Among the recent CSR activities of the Bank were partnerships with the local Rotary clubs in the Rotary Dar Marathon an iconic event aimed at raising fund for empowering the youth through education and AMREF in the Stand up for African Mothers campaign.