Bank M Tanzania posts 16% Q4 profit

Bank M Deputy CEO, Jacqueline Woiso speaks to reporters at a press conference in Dar es Salaam today where she announced the fourth quarter financial performance of the bank. She is flanked by the Banks’ Communication Director Allan Msalilwa

Bank M Deputy CEO, Jacqueline Woiso speaks to reporters at a press conference in Dar es Salaam today where she announced the fourth quarter financial performance of the bank. She is flanked by the Banks’ Communication Director Allan Msalilwa

Bank M Tanzania has announced a 16 percent increase in the forth-quarter pre-tax profit of Sh23.27 billion against Sh20.10 billion registered a year ago.

The Bank’s Deputy CEO Jacqueline Woiso told a press conference in Dar es Salaam, Thursday the total deposits increased by over 24 percent to Sh726.89 bn as of December 2015.

The bank said its loans soared to Sh 670.8 bn up from Sh 644.19bn over the past quarter.

“We also recorded high earnings projected from good returns on non-interest income that shot up by over 32 percent to 23.66bn/- at the end of last year,” Woiso told reporters in Dar es Salaam today.

Tanzania’s fastest growing bank attributes the feat largely to interest earnings generated from leading portfolio, foreign currency dealings and fees and commission from banking transactions and other services.