BANK M REPORTS STRONG EARNINGS IN Q4

             Dar es Salaam, Wednesday January 08, 2013; Bank M Tanzania, has reported strong earnings growth for the year ended 31^st December 2013 with a pre tax profit at TZS 17.62 Bln, registering a growth of 39% as compared with TZS 12.66 Bln for the year ended 31^st December 2012.  The bank’s profit before tax for the fourth quarter of 2013 was TZS 4.45 Bln an increase of 45% over the previous year’s fourth quarter earnings of TZS 3.08 Bln.

Speaking during a press briefing in Dar es Salaam yesterday, Bank M Deputy CEO Jacqueline Woiso said that the bank, which is one of the top 10 banks of the country has shown all round growth and is known for setting the standards for customer service, innovation in product delivery and earnings growth in an overcrowded and competitive industry.

 “Our profits are backed by strong underlying performance across all areas – lending activities, transaction processing, funds transfer and forex dealings” said Jacqueline  adding that these results were achieved through a thorough understanding the needs of customers, a readiness to meeting those needs and the ability to deliver on promises, while minimising the risks in doing business.

 “Our asset quality is of the highest order with Non Performing Loans (NPL) accounting for less than 2% of total advances. During the year, the advances level crossed the TZS 400 Bln level and touched TZS 421 Bln by year-end” revealed her adding “We have a diversified portfolio of loans covering various sectors of the economy. This has assisted us in maintaining the health of the highly profitable portfolio and as a result, our Interest income grew by a more than 30% from a level of TZS 38 Bln to TZS 50 Bln”.

The seasoned banker went on to say that noninterest income contributes significantly to the bottom line boosted by world class service delivery and robust processes. Apart from the prompt credit delivery mechanism, the bank’s services relating to funds transfers, cash transactions and tax payments (money.mapato) have been widely appreciated by both customers as well as those who are not regular customers, who have availed of these facilities. These transactions are a strong source of fee based income which has improved profitability of the bank.

During the quarter, total shareholders’ funds increased to TZS 62.98 Bln due to plough back of profits and infusion of fresh capital.

Commenting further, Jacqueline said that one of the notable strengths of the bank, which helped it to keep raising the bar at every stage, was the dedication and commitment of its staff. The bank has over 200 staff members, half of whom are female and the bank’s internal policies and human resources management practices has resulted in team spirit and a will to serve the customer with the highest efficiency and politeness.

She wished the entire Bank’s customers and stakeholders a happy and prosperous new year and reiterated the Bank’s commitment to provide the best services and attention at all times.