The Minister of Finance and Planning, Hon. Dr. Mwigulu Lameck Nchemba (MP) on behalf of the Government of Tanzania received 4.5bn/- from the National Bank of Commerce (NBC) as dividends to the Government from the bank’s profits for the financial 2020/21.
Speaking at a short dividend ceremony held in Dodoma recently, Dr. Nchemba commended NBC Tanzania for continuing to grow and increase profits every year which increases the amount of tax paid to the Government and dividends paid to all Shareholders including the Government which has a 30% stake in the Bank.
“I am very relieved to hear that in 2021 NBC Tanzania made a pre-tax profit of 60 billion shillings, which is an increase of 702 percent from a profit of 6.2 billion earned in 2020. This is a great achievement,” said Hon. Nchemba.
The bank recorded a Profit Before Tax of 60bn/- as compared to 7.5bn/-recorded in 2020 with the profit growth being in line with the Bank’s strategy of growing its operations through expansion of the customer base.
“The Profit before Tax recorded in 2021 is the highest recorded since inception of the bank and underscores the economic potential and the conducive regulatory environment that Tanzania offers,” the bank’s Managing Director Theobald Sabi said in a statement.
He said during the year 2021, NBC leveraged on the measures that were implemented by the government through the BOT to cushion the economy from the adverse effect of Covid-19, safeguarding the financial sector stability and facilitating the financial intermediation process.
“In addition, we increased focus on those sectors which were a priority for growth of the
Tanzanian economy and those that presented opportunities during the period. Nevertheless, NBC as a responsible corporate and one of the major players in the Financial system remained responsible to support the efforts of the Government and other organizations to fight the pandemic and support the economic growth,” he said.