- NMB shareholders have approved the proposed amount during the Annual General Meeting (AGM) that was held in Dar es Salaam today.
As a result of improved performance and a strong capital position, the total recommended dividend payment of TZS 33 billion (TZS 66 per share) is in line with the bank’s dividend policy of paying a third (33.3%) of its profit after tax (PAT) in dividends. This is a 3% increase compared to TZS 64 per share paid the previous year. The intention is to increase the dividend per share over time as the Bank’s performance continues to improve.
The bank reported a TZS 142 billion profit before tax (PBT) for the year ending December 31 2018; a 3% increase from 138 billion that was recorded in the previous year. Besides the said profit gains, Board and Management of NMB are pleased to be able to report a number of innovations and successes during the year. The innovations, the launch of KLiK propositions, Salary Advance, the first mobile loan product for the Bank. The establishment of 6800+ Wakalas and the integration with over 180 local councils for electronic collections, are all contributing to enhanced financial inclusion through digital channels and increased deposits, and also enhancing internet banking to better serve the corporate segment and provide total corporate solutions as shown by the growth in customers from 2,2 million to 3,1 million in 2018.
The stable B1 credit rating awarded to NMB by Moody’s confirms the confidence of international investors in the bank. The bank is well capitalized with a Tier I Capital Ratio of 16.5% and is highly liquid. The Bank’s Chairman, Prof. Joseph Semboja, revealed that the Board seeks to balance maximizing shareholders’ returns while also reinvesting funds into the bank’s business in order to finance its growth plans.
“NMB has over the years maintained a healthy capital position and we intend to continue doing so. To achieve this, it is crucial that we make the right decisions especially with the regulatory changes in capital requirements.” said the Chairman.
“NMB is committed to supporting the development of the Tanzanian economy and foresee an upward trend in the current economic trend as the planned economic stimulus and infrastructure developments are being implemented in the country. We will continue to be the leader in providing the best service to our customers and play an active role in the community” added Mr Albert Jonkergouw, the bank’s Interim Managing Director.
NMB is dedicated towards supporting micro and SME’s growth especially women through specific training to empower them in their businesses by introducing a Woman in Banking platform across the country. For Agriculture, we have upgraded the team of experts that will be focusing on the Agri-sector to support the entire value chain in terms of Agribusiness solutions supported by the NMB Foundation that provides training in the Agri-sectors institutions.
“We are the best bank in Tanzania. Our best in class governance, IT and support systems make NMB the safest bank in the country and we ensure that your deposits and savings are secure with us” he added.
