By The guardian reporter
9th January 2014
Bank M deputy (CEO), Jacqueline Woiso (C), flanked by the head of
corporate affairs, Ambrose Ashala (L), and head of treasury Henry Lesika, speaks
to the press in Dar es Salaam yesterday.
The bank’s profit before tax for the fourth quarter of 2013 stood at 4.45bn, indicating an increase of 45 percent over the previous year’s fourth quarter earnings of 3.08bn/-.
Speaking at a press briefing in Dar es Salaam yesterday, Bank M Deputy CEO Jacqueline Woiso said the bank, which is one of the top 10 banks of the country has shown all round growth and is known for setting the standards for customer service, innovation in product delivery and earnings growth in an overcrowded and competitive industry.
“Our profits are backed by strong underlying performance across all areas – lending activities, transaction processing, funds transfer and forex dealings,” said Jacqueline adding that these results were achieved through understanding of customers’ needs, a readiness to meet those needs and the ability to deliver promises, while minimising the risks in doing business.
“Our asset quality is of the highest order with Non Performing Loans (NPL) accounting for less than 2per cent of total advances.
During the year, the advances crossed the 400bn/- level and touched 421bn/- by year-end,” she said adding “We have a diversified portfolio of loans covering various sectors of the economy. This has helped us in maintaining the health of the highly profitable portfolio and as a result, our Interest income grew by more than 30percent from 38bn/- to 50bn/-.”
The seasoned banker went on to say that non-interest income contributes significantly to the bottom line boosted by world class service delivery and robust processes. Apart from the prompt credit delivery mechanism, the bank’s services relating to funds transfers, cash transactions and tax payments (money.mapato) have been widely appreciated by both customers as well as those who are not regular customers. These transactions are a strong source of fee based income which has improved profitability of the bank.
During the quarter, total shareholders’ funds increased to 62.98bn/- due to ploughing back of profits and infusion of fresh capital.
Commenting further, Jacqueline said one of the notable strengths of the bank, which helped it to keep raising the bar at every stage, was the dedication and commitment of its staff.
The bank has over 200 staff members, half of whom are female and the bank’s internal policies and human resources management practices has resulted in team spirit and a will to serve the customer with the highest efficiency and politeness.
She wished the entire Bank’s customers and stakeholders a happy and prosperous new year and reiterated the Bank’s commitment to provide the best services and attention at all times.
SOURCE: THE GUARDIAN
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