ADVERTISEMENT
  • About Us
  • Home
  • Contact Us
Friday, January 22, 2021
EastAfrica Herald
Advertisement
  • Home
  • East Africa
  • Politics
  • Economy
  • Technology
  • Entertainment
  • Sports
  • More
No Result
View All Result
  • Home
  • East Africa
  • Politics
  • Economy
  • Technology
  • Entertainment
  • Sports
  • More
No Result
View All Result
EastAfrica Herald
No Result
View All Result

NMB Bank Plc to Pay TZS 48 billion in dividend for the year 2019, an increase of 45% compared to the 2018 dividend  

Isdora Kabindo by Isdora Kabindo
June 8, 2020
in Economy
0 0
0
NMB Bank Plc to Pay TZS 48 billion in dividend for the year 2019, an increase of 45% compared to the 2018 dividend  
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

 

NMB Bank PLC shareholders have approved TZS 48 billion in dividend (a 45% increase to its prior year dividend payout) that will see every shareholder get TZS 96 per share. The resolution was made during the first ever-digital 20th Annual General Meeting (AGM) held last Friday. 

NMB Bank’s Acting Managing Director – Ruth Zaipuna handing over the Annual General Meeting Minutes and her presentation to the Interim Chairperson of the NMB Board of Directors – Ms. Margaret Ikongo (Left) moments after the NMB AGM. Looking on is the Acting – Chief Financial Officer – Benedicto Baragomwa. 

 

The significant increase in dividend payout reflects the excellent 2019 annual results and a strong capital position of the Bank. The recommended dividend payout of TZS 48 billion or TZS 96 per share represents a forty five percent (45%) increase compared to dividend payout of TZS 33 billion or TZS 66 per share paid for 2018 and is in line with the bank’s dividend policy of paying out a third of its profit after tax (PAT) as dividend. The Bank’s long-term intention is to accelerate dividend growth in the coming years.

 

The Bank reported a TZS 142 billion profit after tax (PAT) for the year ended December 31, 2019; a forty six percent (46%) increase from 98 billion that was recorded in the previous year. 

 

The increase in profitability was due to the increase in operating income, reduction in impairment charges as well as cost control measures that saw the Bank closing the year with a zero percentage increase in operating costs.

 

Besides the said profit gains, the Board and Management of NMB are pleased to be able to report a number of innovations and successes during the year including the launch of alternative digital channels namely NMB Mkononi and NMB Direct also an introduction of the enhanced agency banking model, NMB Wakala. 

 

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 seventeen percent (17%) and is highly liquid. The Board’s Interim Chairperson, Mrs. Margaret Ikongo, 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 in anticipation of any regulatory changes in capital requirements,” said the interim Chairperson. 

 

ADVERTISEMENT

“As a Bank, we are committed to continue playing a leading role in driving Tanzania’s growth agenda through credit extension in the personal/household sector, agriculture, insurance, manufacturing and construction”, added Ms. Ruth Zaipuna, the Bank’s Acting Managing Director.

 

Ms. Zaipuna said, the good results for 2019 underscores management turnaround strategy that sought to re-emphasize three strategic pillars; Deposit mobilization, Revenue generation and diversification, and operational efficiency.  

 

NMB is also dedicated towards supporting Micro and SME’s growth especially in the agriculture sector by providing capacity building through advisory services on better ways to invest in agri-business value chain, backed by the NMB Foundation, which provides agricultural awareness and financial inclusion education in the sector.

 

“We are the leading Bank in Tanzania. Our best in-class governance, IT and support systems make our customers’ deposits and savings safer with us” she added.

 

Related

Previous Post

NMB and Savings at the Frontier partner up to offer digital transaction and saving solution to financially excluded groups

Next Post

Tigo launches ultimate product of convenience, Tigo Rusha

Related Posts

Jack Ma
Economy

Jack Ma makes his first public appearance in months

by ALLY MSANGI
January 20, 2021
0

Hong Kong ­— Alibaba Group founder Jack Ma just made his first public appearance in months as his tech empire...

Read more
richest person

Elon Musk Surpasses Jeff Bezos to Become World’s Richest Person

January 8, 2021
Tigo Chemsha Bongo

TIGO Hand over Dummy Cheque to the Winner of TIGO Chemsha Bongo

January 7, 2021
Yanga and Simba

The Stock Market could ease Yanga and Simba financial woes

December 31, 2020
Next Post
Tigo launches ultimate product of convenience, Tigo Rusha

Tigo launches ultimate product of convenience, Tigo Rusha

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

KRANTZ MWANTEPELE (CEO )

KONCEPT TV

International News

  • Home
  • About Us
  • Economy
  • Technology
  • Politics
  • Contact Us

All rights reserved © 2020 East Africa Herald - Powered by Koncept.

No Result
View All Result
  • Home
  • East Africa
  • Politics
  • Economy
  • Technology
  • Entertainment
  • Sports
  • More

All rights reserved © 2020 East Africa Herald - Powered by Koncept.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist