Mkombozi Commercial Bank Shows Strong Growth In 2014, Increasing Revenues By 69%

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Mkombozi Commercial Bank (DSE: MKCB) audited financial results for 2014 recently released, show strong year on year results.

Interest income on 31st December 2014 reached TZS 12.74 Billion versus 7.53 on 31st December 2014, resulting in growth of 69%.

In 2014 operating income before tax reached TZS 2,5 Billion versus 343 Million in 2013 (+631%) and net income after tax reached 1,6 Billion versus 119 million (+1,286%).

Edwina Lupembe, Managing Director of Mkombozi Commercial Bank, explained to TanzaniaInvest.com that “Strong growth in both revenue and profits is explained by growth in deposits and capital. Diligent utilization of both deposits and capital fund for lending and proper investment business is the basis for success. We generated a total of TZS 12,000,000,000 interest income from our loan book and treasury dealings. Capital grew from TZS 11 billion to TZS 20 billion out of two programs ie Rights issues and IPO.”

Operating expenses were well controlled, Lupembe indicated. 

MKCB listed on the Enterprise Growth Market (EGM) Segment of the Dar es Salaam Stock Exchange (DSE) in November 2014.

Current trading price is TZS 1,250 per share, versus an initial listing share price of TZS 1,000.