Nmb Bank Records Impressive Tzs 687 Billion Profit Before Tax In Q3 2024

This exceptional performance reflects a 21% year-on-year (YoY) growth compared to the same period in 2023.

• Profit Before Tax: Tzs 687 Billion, Up 21% Yoy
• Profit After Tax:  Tzs 476 Billion, Up 19% Yoy
• Total Assets:  Tzs 13.4 Trillion, Up 16% Yoy
• Customer Deposits: Tzs 9.2 Trillion, Up 12% Yoy
• Loans And Advances: Tzs 8.4 Trillion, Up 19 Yoy
• Cost To Income Ratio (Cir):  37%

Tanzania’s leading financial solutions provider, NMB Bank Plc, has announced strong results for the period ended September 30, 2024, posting a remarkable 21% year-on-year (YoY) increase in profit before tax to TZS 687 billion compared to TZS 569 billion recorded the same period last year.

Showcasing substantial progress in the execution of the Bank’s core strategy, this historic performance marks yet another important milestone in the history of NMB Bank Plc and the Tanzania banking sector. During the reporting period, the Bank recorded a Profit After Tax of TZS 476 billion (up 19% YoY) from TZS 398 billion in the corresponding period of 2023.

The bank’s strong performance was primarily driven by solid business momentum, enhanced efficiency gains, and significant improvements in loan portfolio quality. 

With a cost-to-income ratio (CIR) of 37%, compared to 38% in the same period in 2023, the bank’s efficiency ratio further improved and remained well within the regulatory benchmark of 55%. Moving forward, NMB Bank will continue enhancing efficiency while maintaining a strong focus on strategic investments aimed at achieving continuous service and operational excellence.

Credit quality continued to improve, driven by a strong emphasis on quality credit origination and prudent risk management of the credit portfolio. As a result, the Bank’s non-performing loan (NPL) ratio remained comfortably below the 5% regulatory benchmark, closing Q3 at 3%, a significant improvement from 3.8% in the same period last year.