Home Biashara NBC PROFITS TRIPLE

NBC PROFITS TRIPLE

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Dar es Salaam, 30 th October 2019

The National Bank of Commerce (NBC) the country’s oldest bank, with
over 50 year of serving the financial sector in Tanzania, has posted
impressive profits during the third quarter of the year. According to the third
quarter financial statement, that was released on 30 th October 2019, NBC
has attained impressive growth of 367% on its Profit After Tax (PAT)
compared to last year.

“Our impressive performance for the last nine months is mainly attributed to
our ongoing cost savings and efficiency drive, increased fee income from
transactional activities and improved quality of the loan portfolio,” said Mr.
Theobald Sabi NBC Managing Director.

Taking a closer look, at the NBC third quarter financial statement, as at end
of September 2019, NBC had Net Loans and Advances to the tune of TZS
987 Billion and Customer Deposits worth TZS 1.717 Trillion.

“Our total net loans and advances increased quarterly by 3.7%, mainly
contributed by additional loan bookings from our Corporate, Retail and
Business Banking clients, whilst our overall customer deposits increased by
19.3%” added Mr. Theobald Sabi.

“Our continued focus of onboarding quality loans has started to pay off
resulting in lower impairment charges for the third quarter of the year. In
addition, Non-Performing Loans (NPLs) ratio has continued to decline to
6.9% down from 10.1% as at September 2018” said Mr. Sabi.

The NBC Digital Transformation agenda continued to deliver impressive
results, which have contributed to our bottom line. Our Mobile Banking
transactions have grown by 50% compared to last year alone. This
represents that our customers are effectively utilizing our electronic
offerings and thus reducing the time required to conduct transactions in the
branches.

“Our purpose is to provide convenient services to our customers and
clients. We want our customers to be able to bank or transact wherever
they are without visiting branches.  We also want our customers to enjoy
the different services and products that we have built in our digital
platforms,” said Mr. Theobald Sabi

The Online and Mobile Banking proposition have become popular
electronic channels widely used by Retail (Individual) and Corporate
clients. The online transactions are safe and secure allowing Bulk
Payments, Local and International Payments.

“Our Digital Banking Facilities provides individuals, SMEs, Government
Agencies, and Corporates with convenient and efficient Cash Collections
and Payment solutions,” said Mr. Sabi.

Another fast growing electronic channel is the NBC Agency Banking (NBC
Wakala) that now has a membership of over 2,000 agents spread across
the country. Customers are now able to access their accounts and make
payments with greater convenience through the growing NBC footprint of
agents. NBC Wakala agents are now GePG compliant and thus customers
can settle their dues to the Government through the NBC Wakala network.

NBC is now one of the leading banks in respect of Government Revenue
Collections through GePG.

Our electronic channels are Government Electronic Payment Gateway
(GePG) compliant, thus allowing our customers the choice to settle
government levies and fees through our convenient electronic channels,”
said Mr. Sabi.