|Bank M's CEO (Designate) Ms. Jacqueline Woiso speaks to reporters while announcing the bank's quarter one financials during a press conference that was held in Dar es Salaam recently. With her is Bank M's Head of Products, Mr. Johnbrighton Ngowi.|
The nine year old Corporate and Investment Bank registered a pre-tax profit of TZS 7.4Bln during the first three months of the current year compared to TZS 6.13Bln for the same period last year.
According to the just released financial statements of the Bank for the first quarter ending on 31st March 2016, a large part of the profit has come from interest income which amounted to TZS 22.11 Bln, an increase of 32% over the corresponding period last year. Non- interest income was reported at TZS 6.6 Bln also recorded a strong growth of 15% against the income realised for the corresponding period in the previous financial year.
The financials are also indicative of the prudent lending practices adopted by the Bank as is evident from the NPLs (non-performing loans) remaining below the rate of 3% which stands well below the industry average.