Bank M, Corporate and Investment Bank and the fastest growing bank in the region, has posted a 35 percent 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 Tshs 1.051 Trillion and a profit before tax of Tshs 23.54 billion from Tshs 17.49 billion which is a growth of 35 percent. Profit after tax also increased to Tshs 15.55 billion.
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 by the bank, showed the profit came from interest income which increased by almost Tshs 22.3 billion to Tshs 94.7 billion at the end of last year.
“This following an increase in loans and advances that grew by 19 per cent to Tshs 798.13 billion from Tshs 668.58 billion. Hence pushing up total assets to historic high amount of Tshs 1.05 trillion“, said Jacqueline.
The report shows also that total deposits of the bank stood at Tshs 865.09 billion as at 31st Dec 2016, growing from Tshs 759.19 billion in 2015.
Also, revenue from non-interest income contributed Tshs 23.63 billion 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 08 AM to 8 PM everyday within seven days a week. The bank has grown well to become the 7th largest bank in terms of balance sheet size, with a ranking of 9th in profitability and 4th largest lender in the market.
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