NMB Bank Tanzania Q1 2022 attributable earnings up 55% at US$44m

Published On: May 17, 2022By Tags: East-Africa

NMB Bank Tanzania recorded Q1 2022 attributable earnings of US$44m, up 55% from year prior.

Highlights:

  • NMB Bank realised an annualised Return on Equity of 28% in Q1 2022.
  • Net interest margin/total assets of 8.4% relative to 8.7% on loans up 16% at US$2.1bn.
  • Payroll deduction loans amounted to 65% of lending.
  • Non-performing loans declined to 3.7% from 5.0% year prior.
  • Bad debt charge-off US$6m (1.1% of loans) compared to US$10m (2.1% of loans) year prior.
  • Cost income ratio declined to 42% from 48% year prior.

Wholesale/corporate banking has been loss making with a US$47m loss in 2020 and any reduction will boost NMB’s earnings. The 2021 segment information has not been released.

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.

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