ONOMO Hotel Dar es Salaam

National Microfinance Bank Profit After Tax Reach TZ148.8bn in 2015

NMB bank Tanzania

The Dar es Salaam Stock Exchange (DSE) has recently made the National Microfinance Bank Plc. (DSE:NMB) audited annual financial results for 2015 available, showing a net profit after tax of TZ148.8bn, down by -3.6% from TZ154.5bn in 2014.

Total assets grew by +17.6% to TZS 4,576bn in 2015 from TZS 3,888bn in 2014, while customer deposits grew by +19.4% from TZS2,973bn to TZS3,550bn in the same period.

Return on average total assets was 3.3% in 2015 compared with 4.0% in 2014.

TanzaniaInvest Whatsapp Channel

Non-performing loans & advances were reduced in 2015 to TZS 51.7bn from 55.9bn in 2014 (-7.6%), and non-performing loans to total gross loans decreased to 2.1% from 2.8%.

Days ago, the bank announced plans to issue a retail bond within two weeks, after the go-ahead from the responsible authority.

This would make NMB the second commercial bank in Tanzania to issue a retail bond, after Exim Bank issued the country’s first retail bond in November 2015, guaranteeing investors an annual tax-free interest of 14% for a period of 6 years.

NMB is Tanzania’s second largest bank in terms of assets, after CRDB bank (DSE:CRDB).

Exim Bank Tanzania owns 6.6% of NMB’s stocks. The two largest shareholders are Rabobank of The Netherlands with 34.9% and the Government of Tanzania with 31.8%.

RELATED:  BOT Extends Administration of Yetu Microfinance Bank
Related Posts