Bank M assets expand, hit half trillion

Bank M Tanzania, the fastest growing bank in the market, has marked its sixth anniversary with a big bang as its total assets hit the half a trillion mark.

Bank M Deputy CEO Jacqueline Woiso and bank’s Head of Corporate Affairs Ambrose Nshala in a briefing session before reporters on the bank’s sixth anniversary in Dar es Salaam over the weekend.

The bank, which opened its doors on July 27, 2007, celebrated its sixth anniversary on Saturday, with 532bn/- assets. “We are marking six years of growth, growth in all aspects”, the bank’s Deputy Chief Executive Officer, Ms Jacqueline Woiso, said in Dar es Salaam over the weekend.

She said during the past six years, the bank has grown in terms of not only balance sheet but also profitability, citing this year’s impressive performance. The bank has in seven months of operations posted a profit of 9.13bn/-, indicating that the 2013 will be a highly profitable year for the bank.

The bank, priding itself as among the fastest growing financial institutions in the domestic market, has grown geometrically from the balance sheet of mere 31.19bn/- at the end of 2007, to 67.59bn/- in 2008 and 106.51bn/- in 2009. The bank assets swelled to 193bn/-, 310bn/- and 421bn/- in 2010, 2011 and 2012, respectively.

“This is a record growth in the country’s banking sector and we are all proud of the achievement,” said the deputy CEO, adding, “This remarkable growth has been achieved because of constant support from our esteemed clients…it’s a clear indication of their confidence in our services as well as the bank’s financial strength.”

She said the bank always places its customers at the nucleus of the business model, assuring better services in future. In the past six years, Bank M has increased its staff from less than 50 in 2007 to over 200 while expanding its geographical coverage from one to six branches, four of them in Dar es Salaam and one branch each in Mwanza and Arusha.

Source Tanzania Daily News

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