• About Us
  • Contact
Thursday, March 30, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Economic

NBC hands over 4.5bn/- dividend to Government after successful financial year 2021

by Editor
09/06/2022
in Economic, Others
0
NBC hands over 4.5bn/- dividend to Government after successful financial year 2021
Share on FacebookShare on Twitter

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.

The NBC Bank Managing Director Theobald Sabi (second right) hands over a dummy cheque worth 4.5bn/-to the Minister of Finance and Planning, Dr. Mwigulu Lameck Nchemba (third left) being payment for dividend to the Government. Photo courtesy of NBC.

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.

Editor

Editor

Next Post
NMB donates an assortment of items worth 27m/- to Ubungo District

NMB donates an assortment of items worth 27m/- to Ubungo District

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Thu, 30 Mar.

Recommended

NMB debuts youth-centric platform in Zanzibar to enhance financial inclusion

NMB debuts youth-centric platform in Zanzibar to enhance financial inclusion

9 months ago
EAC Secretary General to lead delegation DRC to enhance integration and explore business linkages 

EAC Secretary General to lead delegation DRC to enhance integration and explore business linkages 

7 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili