NMB Bank Tanzania Posts FY2024 Net Profit of TZS 647 Billion , Up 19%

NMB Bank Tanzania reported full-year 2024 net profit of TZS 647 billion, a 19% increase on the prior year. Profit before tax reached TZS 931 billion, up 20% year-on-year, while total revenue came to TZS 1.6 trillion, representing 16% growth.

The results were disclosed in the bank's full-year 2024 financial reporting, which also confirmed that NMB serves 8.6 million customers across its network of branches, agents, and digital channels. The bank added 1.5 million new customers during 2024.

DIGITAL CHANNELS AND EFFICIENCY

NMB reported that the large majority of retail transactions were processed through digital channels.

The bank's cost-to-income ratio was 38%.

Return on equity reached 25% for the full year.

ASSET QUALITY

NMB's non-performing loan ratio fell to 2.9% at the end of 2024 from 3.2% a year earlier.