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Bank M`s performance goes up as its loanbook surges by 100bn/-

10th January 2013
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Bank M`s Deputy CEO (Commercial), Jacqueline Woiso

Bank M Tanzania Limited, a corporate and investment bank, has come out with another sterling all-round performance with its business continuing to grow smartly during the quarter.

A statement issued by the bank in the city yesterday said the loan book crossed the 300bn/- mark touching 319.81bn at end of December, 2012. 
 
It stood at 197.91bn at the end of year 2011. This means that during the period under review it grew by more than 100bn/-, according to the statement. 
 
Further, the level of deposits also crossed surged beyond 300bn/- reaching 349.68bn/- at end of December, last year. The performance can be considered commendable despite a turbulent economic and financial environment, the statement added, it said.
 
Backed by the robust growth in the loan book and deposits, the bank’s net interest income grew from 15.07bn/- at the end of the previous year to 19.69bn/- during the current year, 2012, a 31 percent growth.
 
Bank M’s Deputy CEO (Commercial), Jacqueline Woiso, attributed the rosy performance of the bank to the highest level of banking services and adoption of best practices which have made it to be the preferred most by corporate clients. 
 
“We constantly put our clients at the heart of our strategy and they have responded positively by reposing their faith in our ability to deliver the same consistently,” she said.
Woiso cited the example of the growth of Non Interest Income by 82 percent from7.53bn/- during the year 2011 to 13.72bn/- in 2012 which substantiates customer confidence and satisfactions towards the services offered by the bank.
 
She further stated that the bank has maintained strong asset quality in spite of growing at a fast clip over the past few years by smartly managing the loan portfolio in line with the changing external environment and careful selection of clients.
 
The just released financial statements of the bank indicates that its NPL ratio went down from 1.9 percent as at the end of September, 2012 to 1.8 percent as at the end of December, 2012. 
The bank’s loan portfolio is well spread out across all the sectors with manufacturing and services claiming the lion’s share followed by trade, construction and real estate, the statement said.
The bank’s operating profit grew handsomely by 41 percent from 9.01bn during 2011 to 12.66bn during the year 2012.
 
Despite being young in the market, Bank M has been an active player in fulfilling its commitment to the society by undertaking significant activities under its Corporate Social Responsibility initiatives which focus on health, education, environment and arts.
SOURCE: THE GUARDIAN