NATIONAL BANK OF COMMERCE
PRESS RELEASE
NBC PROFITS TRIPLE
Dar es Salaam, 30thOctober 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 30th 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.
Editor’s Note;
NBC is one of the most represented retail banks in the country with over 50 years’ experience in providing financial services. Apart from offering traditional banking services, NBC also prides itself with an expanded branch network of 49 branches and over 180 Visa enabled ATMs. The bank also services over 250 Points of Sales (POS) strategically located throughout the country. NBC has employed over 1200 staff
For more information, please contact:
William Kallaghe, Manager Corporate Affairs and Government Relations
National Bank of Commerce.
Email; William.kallaghe@nbc. co.tz.
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