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Bank M profit surges by 35pc

Bank M, Corporate and Investment Bank and the fastest growing bank in the region, has posted a pretax profit increase during the year 2016.

The bank which has been growing steadily over the past 9 years of operation, closed the year 2016 with a robust performance with the total assets growing to TZS 1.051 Trillion and a profit before tax of TZS 23.54 bln from TZS 17.49 bln which is a growth of 35 per cent. Profit after tax also increased to TZS 15.55 bln.

During the press conference held over the weekend, Bank M’s acting CEO Ms. Jacqueline Woiso said that according to the financial report issued recently the bank showed the profit came from interest income which increased by almost TZS 22.3 bln to TZS 94.7 bln at the end of last year.

“This following an increase in loans and advances that grew by 19 per cent to TZS 798.13 bln from TZS 668.58 bln. Hence pushing up total assets to historic high amount of TZS 1.05tri/-“, said Jacqueline.

The report shows also that total deposits of the bank stood at TZS 865.09 Bln as at 31 st Dec 2016, growing from TZS 759.19 bln in 2015.

Also, revenue from non-interest income contributed TZS 23.63 bln in 2016 which was almost the same level with the previous year.

“It is a good performance in deed, for a bank which has been operating in less than 10 years Bank like ours we have again shown an excellent performance in 2016, and we believe that this year will be even better” Jacqueline concluded.

Bank M opened doors some nine years ago and it’s the only bank works from 08am to 8pm everyday within seven days a week. The bank has grown well to become the 7 th largest bank in terms of balance sheet size, with a ranking of 9 th in profitability and 4 th largest lender in the market.