NMB Bank Plc has been awarded the Safest Bank in Tanzania for the year 2020.
The top award was issued on Monday 20, October 2020 by Global Finance, a leading global financial markets magazine based in New York, USA.
Annual rankings of the World’s Safest Banks by country are selected after an evaluation of long-term foreign currency ratings from Moody’s, Standard & Poor’s and Fitch investor services – in addition to the total assets of 500 largest banks worldwide, of which NMB received a significant ranking over its peers.
The accolade comes a few months after NMB Bank was named the Best Bank in Tanzania for the 8th consecutive year by Euromoney, a leading global financial markets magazine based in London.
NMB’s CEO, Ruth Zaipuna said: “We are honoured to be recognized as Tanzania’s Safest Bank in 2020. We continue to work tirelessly to evolve the Bank’s capabilities to deliver sustained returns. As the uncertainty surrounding businesses in the world post Covid-19 pandemic still lingers on, this award is a testament of our stability, resilience and digital transformation capabilities in supporting employees, customers and the wider community to achieve financial success.”
Zaipuna said this award underscores the importance NMB Bank places in providing a secure banking experience for its customers and elevating its position within the global financial community in defining the future of banking.
In the 2019 financial performance, NMB Bank reported a TZS 142 billion profit after tax, a 46% increase from TZS 98 billion recorded in 2018, retaining its position as the most profitable bank for over a decade. NMB currently has total assets of over TZS 7 trillion. NMB’s shareholder base includes Rabobank which holds a 34.9% stake and the Government of Tanzania with a 31.8% shareholding.
Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance, said: “For most of 2020, the worldwide pandemic has upended commerce and made forecasting even more difficult, yet business must continue. NMB is an example of a bank that was ready for the sharp rise in demand for digital banking services during the pandemic and has been mostly stable. The rankings will be used by companies, investors and individuals to gauge the relative safety of banks with which they choose to do business.”
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