Bank M, a medium-sized financial institution operating in Tanzania since 2007 posted a 40.5 per cent growth in profit for 2012 compared to 2011.
According to the bank financial statement for Q4 2012 the bank’s operating profit before taxes reached 12.66 Billion (USD 7.9 Million) compared to 9.01 Billion (USD 5.6 Million) the previous year.
Total deposits reached 349.68 Billion (USD 218.87 Million) in 2012 compared to 272.53 (USD 170.58 Million) in 2011 showing a 28 per cent increase.
For the same period total assets reached 420.95 Billion (USD 263.34 Million) compared to 310.10 (USD 193.99 Million) showing a 35 per cent increase year on year.
A bank spokesperson attributed the good performances to the quality of the provided to to client base.
Bank M focuses on corporate banking with special emphasis on debt and foreign exchange business.
It also has investment banking capabilities and offers advisory services in debt or equity capital-raising, debt syndication and mergers and acquisitions.