NMB Bank eyes crossing the 12trn/- asset mark before year end

NMB Bank total assets could cross the 12trn/- milestone during the end of this Financial Year, the bank’s Chief Financial Officer Juma Kimori has hinted.

According to the bank’s Q3, 2023 financial results released recently, the bank posted a solid performance after its total assets surged by 22 % to reach 11.53trn/- as compared to 9.46tn/- posted during the same period last year.

Speaking during the Speaking during shortly before the Memorandum of Understanding (MoU) signing ceremony with the Zanzibar Private Partnership under the President’s Office Labour, Economic Affairs earlier this week, Kimori noted that as the bank will continue to execute its strategy fully during the fourth quarter so as to achieve its growth ambitions and targets this year.

“We have so far recorded a robust year in terms of performance during the first three quarters this year and all indicators show that we will be having yet another historic year. Our ambition is to continue growing our asset base. Overall, we forecast that our assets will hit the 12trn/- mark before the end of this financial year,” Kimori said.

Kimori noted that due to NMB Bank’s solid balance sheet this year, the lender has increased the Single Borrower Limit (SBL) to 420bn/- during Q3 this year, from 325bn/- that was offered to a single borrower in Q3, 2022.

“With NMB Bank’ solid balance sheet, I can authoritatively reveal that our bank can now offer up to 420bn/- to a single borrower now and this could be the highest in the Tanzanian market to date,” he stressed.

Kimori noted that the bank will continue to play a leading role in accelerating the transition from cash to digital payments as part of the bank’s commitment to enhance financial inclusion.

The NMB Bank Profit After Tax (PAT) increased by 23.1% to reach 398.4bn/- in the third quarter this year as compared to 323.6bn/- recorded during the similar period in 2022

A statement issued by the NMB Chief Executive Officer Ruth Zaipuna recently attributed the bank’s robust performance to a solid business momentum supported by a stable and accommodative operating environment.

“The solid financial results reflect a continued trust from our stakeholders and reaffirm our mission of being a catalyst for spurring the overall socio-economic development in the country,” Ms Zaipuna said.

On a net profit basis, the bank recorded an increase in profit by 22 per cent to 398bn/- against 324bn/- recorded in September last year.

“We remain optimistic about the future and remain committed to further supporting the communities we serve,” Ms Zaipuna added.

During the period, the bank sustained strong revenue performance with net interest income increasing by 20 per cent to 692bn/- driven primarily by benefits from increased lending activities in both retail and wholesale segments.