Bank M (Tanzania) Limited has recorded an outstanding pre-tax profit of 11.51bn /- in the second quarter of this year.
The 25 per cent increase in profit compared to 9.18bn/- posted in
the same quarter last year is evidence of the bank’s continued fast
growth.
According to a statement released yesterday in Dar es Salaam by the
bank’s Deputy CEO Jacqueline Woiso, the bank believes in adopting the
highest standards of disclosure and is very punctual in publishing its
results.
“Every quarter for the past 32 quarters since its inception, the
Bank has invariably published its results in the first seven days of the
month after the quarter ends,” she said.
“It has also adopted the highest transparency in disclosing every
aspect of its financial performance and position, making it the only
such institution in the region,” Woiso asserted.
Besides the fact that this year the bank bagged the Commercial Bank
of the Year-Tanzania award from the London-based International Banker
magazine, the deputy CEO maintains the increase in profit is due to
improvement in increased noninterest income which rose to 11.9bn/- this
year from 8.41bn/- in 2014.
She said, commensurate with the increase in the scale of its
operations, the bank will be raising additional Tier 1 capital by way of
a rights issue (the 8th such issue in as many years) of 20bn/-.
“It is also planning to issue corporate bonds to raise Tier 2
capital to the extent of 10bn/-. Both these issues will be completed in
the second half of the current year,” she added.
“With the right issue of equity shares and issuance of corporate
bonds, the Core Capital Adequacy Ratio and Total Capital Adequacy Ratio
of the bank are expected to improve to above 15 per cent levels,” the
bank’s Deputy CEO went on to note.
Manufacturing, agriculture, trade, hospitality and tourism are the
top five sectors that dominated the lending portfolio in this year’s
second quarter.
The bank has, in the past seven years of operations, capitalized on
its efficient delivery channels and its quality service delivery to
capture the business of most of the family owned corporate houses in the
country.
Woiso was glad to point out that; “such a good performance for a
growing Bank like ours is because of our efforts in providing world
class banking services which in turn created a significant level of
trust and support from our esteemed customers.”
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