East Africa’s most competitive banking environment, Tanzania, witnesses more financial institutions in the sector experience high growth as Tanzanian Bank M reports excellent performance for the quarter ending March 2013 with a profit increase of 25% in three months.
The bank saw a profit of 4.27 billion TZS, an increase of over 25% from the previous year quarter.
Banks in Tanzania have been reporting staggering growth and the trend is steady throughout the industry, as the 50 financial institutes offer new and innovative banking solutions to win over Tanzania’s significant bankable market; more than 70% of the population.
Bank M Deputy CEO Jacqueline Woiso said “We are really pleased with the performance of our bank in the first quarter and like the other previous quarters and years, this has been possible on account of our ability to successfully execute our strategy.”
She added “this outstanding performance of our bank in all aspects of banking has enabled the bank to grow quickly and earn its place among the top ten banks in the country and also gives us confidence in our ability to continue with the past performance trend and aim to scale greater heights in the years to come.”
Bank M has operated in Tanzania since July, 2007 and since then it has built a banking and loan portfolio spanning across all sectors of the Tanzanian economy; trade, construction, manufacturing, engineering, agriculture and real estate industries.