Mwanga Hakika profit jumps threefold in Q3
DAR ES SALAAM: MWANGA HAKIKA Bank’s net profit has jumped almost threefold in this year’s third quarter, pushed by increased net interest.
The bank’s financial statement showed net profit increased by 160 per cent to 2.43bn/ in the three months to September from 935m/- in a similar period last year.
The lender, with more than 187bn/- of all assets until the end of last month, registered positive results due to the robust growth in interest income.
Additionally, the net interest income, the report showed, has increased by 27 per cent to 3.61bn/- in Q3 from 2.82bn/- in a comparative quarter last year.
The statement showed the increase in the net interest income was attributed to the number of loans given by the lender of some 125bn/- at the end of September compared to 102bn/- registered in Q2 at end of June.
On top of that, non-interest income climbed by 35.6 per cent to 2.16bn/- from 1.59bn/- thanks to foreign currency dealings and translation gains plus commissions and fees.
The statement showed foreign dealings and translation gains climbed to 365m/- from 152m/- during a similar period last year.
The lender’s commissions and fees increased by 18.6 per cent to 1.62bn/- from 1.36bn/- in a prior period last year.
Non-performing loans (NPLs) currently stand at 1.6 per cent, below the regulator threshold of 5.0 per cent, though it has slightly increased compared to 1.3 per cent recorded in Q2.
Also, the bank’s customer deposits have increased by 15.5 per cent to 126.7bn/- from 109.6bn/- registered in the previous quarter of this year.
Mwanga Hakika’s operation expenses have also declined by 9.2 per cent to 1.74bn/- from1.92bn/- despite the increase in salary and benefits.
According to the statement, salaries and benefits increased to 1.05bn/- from 839m/- equivalent to 25.3 per cent.
The increment is pushed by the increased number of staff to 117 at the end of last month from 108 in a similar period last year despite maintaining the number of branches. The lender has seven branches.
