I&M Bank Tanzania Records TZS 5.1 Billion Post-Tax Profit in H1 2024

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I&M Bank Tanzania achieved a profit of TZS 5.1 billion in H1 2024, marking a remarkable 982% surge from TZS 0.5 billion at the beginning of the year. The bank’s pre-tax profit rose by 981%, reaching TZS 7.3 billion (Ksh 356 million).

Additionally, the Kenyan banking subsidiary saw its revenue grow to TZS 32.5 billion (Ksh 1.58 billion) from TZS 26 billion at the beginning of the year.

The customer loan portfolio of I&M Bank Tanzania expanded by 12%, climbing to TZS 447 billion from TZS 399 billion. Total assets saw a 15% increase, reaching TZS 759.6 billion (Ksh 37 billion), up from TZS 660 billion at the start of the year.

Customer deposits grew significantly, jumping from TZS 485 billion at the beginning of 2024 to TZS 592.8 billion, representing a 22% rise.

Net interest income for I&M Bank Tanzania increased by 32% to TZS 26.3 billion (Ksh 1.28 billion), while non-interest income remained steady at TZS 6.2 billion.

Total operating expenses for the first half of the year decreased by 1%, dropping to TZS 25.2 billion. Shareholders’ funds rose by 9% to TZS 109.7 billion, up from TZS 100 billion at the year’s start.

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For the first half of the year, the bank’s NPL (Non-Performing Loans) ratio was at 11%, and the return on average equity was 9.5%. This strong performance highlights the bank’s strong financial health and strategic growth initiatives, positioning it well in the competitive banking landscape.

Kenyan banks’ subsidiaries in Tanzania showed strong performance in the first half of 2024. DTB Tanzania’s profit before tax surged by 226% to TZS 25.2 billion, equivalent to Ksh 1.22 billion.

KCB Bank Tanzania reported a profit before tax of TZS 38.7 billion, a 51% increase from TZS 25 billion at the start of the year (Q1 2024). NCBA Tanzania also recorded a pre-tax profit of TZS 6.15 billion, marking a 13% rise.