These strong financial results are driven by the Bank’s strategic focus and continued investment in leveraging digital capabilities:
- Profit Before Tax:
TZS 931 billion, up 20% year-on-year - Profit After Tax:
TZS 644 billion, up 18% year-on-year - Total Revenue:
TZS 1.64 trillion, up 16% year-on-year - Total Assets:
TZS 13.7 trillion, up 13% year-on-year - Cost-to-income ratio (CIR): 38%
Press Release
Dar es Salaam, January 31, 2025 – In 2024, NMB Bank continued its growth momentum, achieving exceptional financial and operational results, driven by strong balance sheet growth, operational efficiency, and a strong focus on lending.
NMB Bank achieved the highest pre-tax profit in its history at TZS 931 billion, a rapid growth of 20% compared to TZS 775 billion in the financial year 2023.
This led to a Profit to Capital ratio of 28%. This strong profit growth was driven by increased revenue, strong operational efficiency, and continued improvement in loan quality.
Total income increased by 16% to TZS 1.6 trillion, driven by an increase in Net Interest Income by 13% and Non-Interest Income by 23%.
The cost-to-income ratio (CIR) improved by 100 percentage points to 38%, which is below the regulatory limit of 55%.
These improvements were driven by greater operational efficiency, careful cost management, and strategic investments in human capital and digital technologies.
This enabled the bank to sustain growth, and ensure efficiency and value are delivered across its core financial operations.
All these efforts demonstrate NMB Bank’s ability to strike the right balance between efficiency and innovation, while building a solid foundation for future success.
In addition, the Bank’s Balance Sheet continued to grow, with total assets increasing by 13% for the full year 2024 to TZS 13.7 trillion.
Net loans to customers grew by 10% to TZS 8.5 trillion, while deposits increased by 13% to TZS 9.5 trillion.
This strong growth reflects NMB’s commitment to advancing financial inclusion, which has helped increase the number of new customers and the level of credit, improve customer service and their trust in us, while continuing to come up with new innovative and convenient financial solutions.
The bank also continued to strengthen loan quality, with the non-performing loan (NPL) ratio declining to 2.9% in 2024 from 3.2% in 2023.
This success was due to careful credit management and close monitoring of loans.
NMB also continued to have a strong capital base, due to revenue growth and efficient use of capital, which placed the bank in a strong financial position.
As of end-December, the Capital Efficiency Ratio was 23%, a level that is above the regulatory requirement.
This positions us well to increase investments, increase lending, and remain strong in the long term.
The successful execution of NMB Bank’s strategy has been the source of these significant and historic results, and has enabled the taking of these important steps in our history;
NMB is the most profitable bank in Tanzania and has made history by becoming the first bank in the country to reach a market value of more than one billion dollars.
These achievements confirm NMB’s status as the largest listed bank in the country, the second largest bank in East Africa, and the sixth largest company overall by market capitalization in the stock market.
NMB’s strong financial performance places it among the 30 most valuable companies in Sub-Saharan Africa (SSA) – excluding South Africa, according to the Capital Market Union (CMU) in its report on leading companies in SSA countries.
It strengthens NMB’s position as a market leader, leading by providing a quarter of all banking sector loans in the country and holding a quarter of all its deposits.
By December 2024, the bank had added 1.5 million new customers, bringing its total customer base to over 8.6 million.
NMB Bank has also demonstrated its commitment to innovation and sustainability. In 2024, the bank listed for the first time the NMB Jamii Bond, the first of its kind in Sub-Saharan Africa, on the London Stock Exchange and the Luxembourg Stock Exchange.
In this context, NMB invested over TZS 5.4 billion in education, health and climate change-related projects, reinforcing its commitment to contributing to social well-being and preserving the environment.
These achievements demonstrate the bank’s focus on the effective implementation of its performance strategies, growth, innovation and sustainability and confirm its position as a leader in the banking sector in the region
