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NMB Bank Plc – Reaches New Heights in Tanzania’s Banking Industry\r\nDar es Salaam, 28 January 2021 – NMB Bank has generated the highest profit in the history of the Banking sector in Tanzania. In the year ended 31 December 2020, the Bank recorded a Profit after Tax (PAT) of TZS 205.5bn, 45% more than in the previous year.\r\nCommenting on the published results, NMB Bank Plc Chief Executive Officer, Ms. Ruth Zaipuna, attributed the Bank’s impressive performance to execution of the bank’s strategic plans, which focus on growing income and improving operational efficiency by leveraging on technology to drive customer experience and cost efficiency.\r\n“This year (2020), despite the global uncertainties in the wake of a global pandemic, we delivered a record-setting performance with strong stakeholder support, operational excellence, and solid strategy execution. The market at large also benefited from the unprecedented monetary and fiscal support by the Central Bank and the Government. This in turn led to our profits reaching all-time high,” said Ms. Ruth Zaipuna, NMB CEO.\r\nAnalysts have pointed that the impressive results from the nation\'s largest bank is a testament of the resilience and attraction of the Tanzanian economy, even as the world grapples with longer curbs. The published unaudited financial statements show the growth has been driven by an increase in the Bank’s operating income by 15%, and cost efficiency measures that contained operating costs at a marginal increase of only 2% Year on Year (YoY).\r\nFollowing the bank’s strategic push for high efficiency on operations and digital channels, non-funded income increased by 19% from TZS 224 billion in 2019 to TZS 266 billion in 2020 driven by bank’s focus on digital offering, while net interest income increased by 11% from TZS 518 billion in 2019 to TZS 574 billion in 2020.\r\nFurther, confirming the Bank’s growing reputation as an economic development financier, NMB’s Gross loans and advances to customers increased by 15% to TZS 4.1 trillion in 2020, as the bank continued to extend credit to the private sector. Overall, customer deposits rose by 7% from TZS 4.9 trillion in the previous year to TZS 5.2 trillion in 2020, highlighting customers’ continued trust in NMB Bank.\r\nAlongside this financial achievement, the Bank has also received a number of awards, highlighting the growth trajectory of the institution. In 2020, NMB’s achievements led to internationally acclaimed recognition as the Safest Bank in Tanzania by Global Finance magazine, and being named Best Bank in Tanzania for 8th consecutive time by Euromoney magazine.\r\nWith approximately 22% market share in both loans and customer deposits, NMB has the largest Balance Sheet in the banking industry and remains the most profitable Bank in the country. Reflecting on these achievements, Ms. Zaipuna stated that ‘’we certainly do not think this is as good as it can be. We continue to see opportunities across the market and going forward we aim to strengthen our customer relations through further development of remote channels, taking advantage of advanced data analytics and personalization of range of products and services offered.\r\n“We would like to thank our customers, shareholders, the Tanzanian Government, the Bank of Tanzania, our strategic partners and our dedicated staff for their continued support and partnership with NMB Bank.” Ms. Zaipuna concluded.\r\nFor more information, contact:\r\nEunice Chiume, NMB Bank Plc Head; Communications and Corporate AffairsAbout NMB:\r\nNMB Bank Plc. (“NMB”) is a full service commercial bank incorporated in the United Republic of Tanzania. Through its 3 main business divisions: Retail, Wholesale, and Treasury, NMB provides a suite of financial services and products to retail customers, farmers, SMEs, Corporates, Institutions and the Government.\r\nThe bank has 226 branches, over 8,000 Agents (Wakala) and more than 800 ATMs across the country and is represented in all districts of Tanzania. NMB has over 4 million customers and employs over 3,450 staff. It is listed at the Dar Es Salaam Stock Exchange and its largest shareholders are the strategic partners Arise B.V with a 34.9% shareholding and the Government of Tanzania with a 31.8% shareholding.\r\nEuromoney awards for excellence selected NMB as the “Best Bank in Tanzania” for 8 years in a row from 2013-2020. The bank has been named The Safest Bank in Tanzania for the year 2020 by Global Finance Magazine. NMB Bank was also awarded as the Best Blended Finance Partner in Africa for banks working with International Finance Corporation (IFC) of the World Bank Group in 2019. Also the Best Retail and Best Commercial Bank in Tanzania by the Banker East Africa Magazine in 2018. For more information about NMB and its services, Read more...