Bank M Net Income Up by 19.4% in Q1 2016 as it Plan to List at DSE

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Bank M Tanzania has recently published its unaudited Quarterly Financial Statements for Q1 2016, showing a net income after tax of TZS 5.3 bln, up by 19.4% form TZS 4.3 bln in Q1 2015.

Net income before tax reached TZS 7.4 bln, up by 22.1 % form TZS 6.1 bln in Q1 2015.

Bank M total assets reached TZS 889.1 bln at the end of Q1 2016 versus TZS 861.3 bln at the end of FY 2015, while total deposits reached TZS 746.4 bln versus TZS 726.9 bln during the same period.

According to Jacqueline Woiso, Senior Vice President & Deputy Chief Executive Officer at Bank M Tanzania, a large part of the encouraging profits in Q1 2016 came from interest income and the bank believes that the forthcoming quarters of 2016 will be even better.

During the presentation of the latest financial results, Mrs. Woiso also announced that the bank has started procedures to issue an Initial Public Offer (IPO) at the Dar es Salaam Stock Exchange (DSE) in a bid to raise additional capital of TZS 50 bln.

This would make Bank M the 8th bank to list at the Tanzanian exchange after CRDB, NMB, DCB, Mkombozi, Mwalimu, Maendeleo Bank and Yetu Microfinance Bank.

Bank M is a focused Corporate & Investment Bank (CIB), targeting the mid and upper end corporates in Tanzania, mostly in the manufacturing and trading.