National Bank of Commerce Tanzania 2013 Profits Skyrocket

According to the National Bank of Commerce (NBC) annual 2013 report the Tanzanian bank increased its pre-tax profits 3.5 times from 2012 to TZS 14.3 billion, and its net profit more than 4 times to TZS 9.842 billion.

Total assets together with loans and advances have improved by 4.5%.

As per December 2013, NBC total assets are TZS 1.587 trillion, loans and advances – TZS 684 billion, and customers’ deposits accounted as TZS 1.305 trillion.

NBC profits can be attributed to increased volume on the market securities, higher yield, successful liability campaign that encouraged customers to open either savings or a deposit account, and launch of new services such as Credit Life Assurance, Loan Insurance, and NBC Direct – a package of various banking goods.

Ms Mizinga Melu, NBC Managing Director and CEO, the growth in assets is mainly due to investment of the recapitalized funds while growth in loans and advances is attributed to new bookings as well as conversion of customers’ asset pipeline.

The National Bank of Commerce was formed in 2000 after being privatized and merged with ABSA bank, and currently has 52 branches all over Tanzania.

To know more about NBC read TanzaniaInvest exclusive interview with Miznga Melu.