NBC profit accelerates by 36 per cent in 2022

NATIONAL Bank of Commerce (NBC) profit before tax has increased 36 per cent on the back of an increasingly conducive business environment.

The bank pre-tax profit jumped to 81.8bn/- last year from 60bn/- in 2021, which the lender said, reflects the growth they are seeing across all customer segments.

NBC Managing Director Theobald Sabi said to maintain the profitability pace the bank continues to invest in systems and customer network expansion to support the forecasted growth.

“We have seen a healthy rebound within the SME portfolio,” Mr Sabi said yesterday in a statement adding.

“This success has been achieved on the back of deliberate actions by the government, which has resulted in an increasingly conducive business environment.”

The bank, which is among the group of elite lenders where membership attained after crossing 1.0tri/- assets mark, saw its revenue increase by 18.1 per cent to 258.5bn/- last year.

The balance sheet growth was aligned with their customer base growth, with loans and advances growing 27 per cent to 1.77tri/-. Also deposits grew 27 per cent to 1.93tri/-.

The loans and advances have grown with an improving Non-Performing Loans (NPLs) ratio that stood at 3.5 per cent as of the end of last December.

“Our loans and advances, deposits, and transactional volumes have grown, reflecting the continued growth of our customer base,” Mr Sabi said.

Geographically, the NBC Chief said, they are conveniently and efficiently reaching more Tanzanians, thanks to the expanding NBC Wakala network, branch and new service centres, Mobile (NBC Kiganjani), as well as electronic banking (NBC Connect) platforms.

NBC is the oldest serving bank in the country with over five decades of experience offering a range of retail, business, corporate and investment banking, wealth management products and services.