The amount translates into an annual net profit growth of 46.8 percent compared with the Sh292.14 billion in net profit that was registered during the preceding year.
Speaking yesterday, NMB’s chief executive officer, Ms Ruth Zaipuna, said the performance was the outcome of several factors, including a business-friendly environment that is supported by the government’s policies.
She said the 2022 financial outturn also reflects the strong performance momentum NMB has had in the last four years and the impact of its service excellence and corporate giving agenda on people’s lives and productive activities.
“That is an increase of more than Sh130 billion year-on-year, but 2022 profitability becomes monumentally significant when compared to the Sh98 billion net profit that NMB made in 2018,” she said.
“Strong client activity, investments in digital solutions, meticulous execution of our strategy, and high staff morale and productivity have driven the bank’s strong performance,” said Ms Zaipuna.
Reflective of efforts to spur lending, the bank’s total assets also reached the ten-trillion mark at Sh10.2 trillion, up from Sh9.45 trillion last year.
According to the bank, NMB also reduced funds allocated for credit impairment by 33 percent, to Sh76 billion, while bad loans were kept within the five percent regulatory benchmark following a 0.3 percentage point slide in the non-performing loans (NPLs) ratio to 3.3 percent.
NMB’s chief finance officer, Mr Juma Kimori, said the bank also lent over Sh6 trillion last year, loans that mostly benefited the corporate sector and individual borrowers and financed strategic sectors such as farming and general enterprises (SMEs).
“Our balance sheet remains robust, and the shareholders’ funds, which have now reached Sh1.6 trillion, mean a lot in terms of maintaining the superb performance we have had in recent years, boosting lending, and sustaining profitability,” said Mr Kimori.
On the back of mouthwatering profit results, NMB has revealed it has set aside Sh6.2 billion towards its social impact investment programs.
The amount set aside is intended to continue driving positive and lasting impact for millions of Tanzanians through investment in key areas of our corporate social responsibility, including health, education, financial literacy, the environment, and the overall sustainability agenda.
“The bank’s medium- and long-term plan is to ensure sustainable value creation and shared prosperity with its stakeholders,” the lender stated in part.
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Africa: Rwanda Gets a Grip Of Marburg, But Mpox ‘Not Yet Under Control’
Monrovia — The Rwanda Minister of State responsible for Health, Dr. Yvan Butera, cautioned that while the country is beginning to see positive signals in its fight against the Marburg virus, the outbreak is “not yet over”. He, however, expressed hope that “we are headed in that direction”. The minister said the epidemiology trend, since the disease was first discovered in the country more than a month ago, is moving towards fewer cases.
Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
The priority right now, Butera said, is “rapid testing and detection”.
Marburg is a highly virulent disease transmitted through human-to-human contact or contact with an infected animal. The fatality rate of cases, which has varied over the period, is more than 50%, according to the World Health Organization. WHO said the highest number of new confirmed cases in Rwanda were reported in the first two weeks of the outbreak. There’s been a “sharp decline” in the last few weeks, with the country now tackling over 60 cases.
At Thursday’s briefing, a senior official of the Africa Centers for Disease Control, Dr. Ngashi Ngongo, said mpox – the other infectious disease outbreak that countries in the region are fighting – was been reported in 19 countries, with Mauritius being the latest country to confirm a case. He said although no new cases have been recorded in recent weeks in several countries where outbreaks occurred previously – including Cameroon, South Africa, Guinea, and Gabon – Uganda confirmed its first Mpox death. This, he said, is one of two fatalities reported outside Central Africa.
Dr. Ngashi revealed that there was an increase in cases in Liberia and Uganda. He said mpox cases were still on an upward trend.
“The situation is not yet under control.”
Source: allafrica.com
