National Microfinance Bank (NMB) shareholders have approved a dividend of 90/- per share which translates to a total of 45bn/- in dividends allocated out of the year 2013 profit.
Speaking to reporters at the weekend in Dar es Salam after the 14th annual general meeting, the bank’s Chief Executive Officer, Mark Wiessing, said the proposed dividend was agreed upon and approved by all shareholders who attended the meeting.
He said for the bank to remain relevant to its stakeholders in the long run and to achieve its preferred financial services partner in Tanzania, it must also deliver sufficient and sustainable results.
According to him, in 2013, the bank operated in a favourable economic growth at some 7 percent per annum.
The local financial markets also evolved favourably, with headline inflation gradually reducing to 6 percent by year end, while interest rates remained fairly stable at an average of 12 percent.
Wiessing said the bank’s financials have continued to develop strongly, with record profit before the tax of 188.1bn/- (up by 30 percent from the previous year) and return on shareholders’ funds of 29 percent, while retaining a strong balance sheet with non performing loan ratio of less than 2.6 percent.
Revenue increased by 18 percent to 422bn/-, loans up by 20 percent to 1,614bn/- deposits up by 13 percent to 2.5trn/-, while profit after tax of 134bn/- being up by 34 percent from last year.
Explaining further, he said, food and agribusiness continue to be a significant part of the bank’s business, providing input finance to hundreds of micro institutions, financing emerging and commercial farmers, and supporting processors and traders of agricultural commodities with their trade finance, foreign exchange and investment needs.
On corporate social responsibility, he said, the bank continues to make a positive contribution to the society, not just in the provision of affordable banking services for customers, but also in sharing its achievements with communities.
NMB has taken its CSR role seriously and has endeavoured to contribute 1 percent of the bank’s profit after tax to worthy causes in the communities, he said. It has provided support to schools, hospitals and victims of disasters.
Further, its value added statement indicates that all of the value created has allocated 28 percent or 90bn/- back to the government in the form of corporate taxes, pay as you earn and dividends.
Currently, NMB has over 2 million customers, which means up to 40 percent of all Tanzanians who have bank accounts. It also finances rapidly growing small and medium enterprises with over 600,000 customers.
Speaking to reporters at the weekend in Dar es Salam after the 14th annual general meeting, the bank’s Chief Executive Officer, Mark Wiessing, said the proposed dividend was agreed upon and approved by all shareholders who attended the meeting.
He said for the bank to remain relevant to its stakeholders in the long run and to achieve its preferred financial services partner in Tanzania, it must also deliver sufficient and sustainable results.
According to him, in 2013, the bank operated in a favourable economic growth at some 7 percent per annum.
The local financial markets also evolved favourably, with headline inflation gradually reducing to 6 percent by year end, while interest rates remained fairly stable at an average of 12 percent.
Wiessing said the bank’s financials have continued to develop strongly, with record profit before the tax of 188.1bn/- (up by 30 percent from the previous year) and return on shareholders’ funds of 29 percent, while retaining a strong balance sheet with non performing loan ratio of less than 2.6 percent.
Revenue increased by 18 percent to 422bn/-, loans up by 20 percent to 1,614bn/- deposits up by 13 percent to 2.5trn/-, while profit after tax of 134bn/- being up by 34 percent from last year.
Explaining further, he said, food and agribusiness continue to be a significant part of the bank’s business, providing input finance to hundreds of micro institutions, financing emerging and commercial farmers, and supporting processors and traders of agricultural commodities with their trade finance, foreign exchange and investment needs.
On corporate social responsibility, he said, the bank continues to make a positive contribution to the society, not just in the provision of affordable banking services for customers, but also in sharing its achievements with communities.
NMB has taken its CSR role seriously and has endeavoured to contribute 1 percent of the bank’s profit after tax to worthy causes in the communities, he said. It has provided support to schools, hospitals and victims of disasters.
Further, its value added statement indicates that all of the value created has allocated 28 percent or 90bn/- back to the government in the form of corporate taxes, pay as you earn and dividends.
Currently, NMB has over 2 million customers, which means up to 40 percent of all Tanzanians who have bank accounts. It also finances rapidly growing small and medium enterprises with over 600,000 customers.
SOURCE: THE GUARDIAN
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