NMB Bank Becomes East Africa’s Largest Bank by Market Value After Crossing $3 Billion
NMB Bank Plc has become East Africa’s largest bank by market value after it surpassed TZS 8.08 trillion (about USD 3 billion), overtaking all listed banking peers across the region.
The milestone comes just weeks after the Tanzanian lender was ranked the fourth-largest listed company in East and Central Africa by African Business Magazine.
Following a sharp rise in its share price, NMB has now climbed to become the second-largest listed company in East Africa, behind Kenya’s Safaricom, while taking the top position among listed banks in the region.
The bank’s valuation increased after investors responded positively to the announcement of a proposed share split alongside the declaration of both the 2025 annual dividend and a special dividend.
NMB shares have risen to TZS 16,210, compared with TZS 8,140 at the end of 2025, translating into substantial gains for shareholders.
Share price rally pushes NMB above regional banking rivals
NMB’s market capitalisation has risen from roughly USD 1.1 billion to more than USD 3.1 billion over the past year after its share price gained about 157.3% during the period.
The surge has reshaped the regional stock market rankings. Safaricom remains East Africa’s most valuable listed company with an estimated market value of about USD 8.47 billion, while NMB has moved ahead of regional banking competitors to become the highest-valued bank listed on any East African stock exchange.
Tanzanian peer CRDB Bank remains among the region’s most valuable listed companies, with the two lenders now occupying the leading positions among East African banks by equity market value.
Although NMB now commands the highest market capitalisation among East African banks, Kenyan lenders KCB Group and Equity Group Holdings continue to manage larger balance sheets and operate across multiple markets including the Democratic Republic of Congo, Rwanda and South Sudan.
Strong financial performance supported investor confidence
The higher valuation has been supported by NMB’s financial performance during 2025 and into early 2026.
The bank’s total assets expanded by about 25% year-on-year to approximately TZS 18 trillion, driven by customer deposits of around TZS 13 trillion and a net loan portfolio of approximately TZS 11 trillion.
- For the 2025 financial year, NMB reported:
- Total assets of approximately TZS 18 trillion
- Profit before tax of TZS 1.1 trillion
- Net profit after tax of TZS 760 billion
- Net interest margin of 8.3%
- Non-funded income contributing about 35% of total revenue
- Cost-to-income ratio of 38%
- Non-performing loan ratio of between 2.5% and 2.6%
The lender’s non-performing loan ratio remained well below the 5% regulatory ceiling set by the Bank of Tanzania, while income from transaction fees, foreign exchange and digital banking continued to diversify earnings beyond traditional lending.
Tanzania’s market conditions continue to support valuations
NMB’s valuation has also been supported by domestic market conditions in Tanzania.
The Dar es Salaam Stock Exchange has a relatively limited supply of large listed companies, while local institutional investors, including pension funds, continue to provide steady demand for blue-chip shares.
The country’s banking sector has also benefited from stable regulation by the Bank of Tanzania, alongside growing demand for corporate financing linked to infrastructure developments such as the Standard Gauge Railway and the Julius Nyerere Hydropower Project.
These projects have created lending opportunities for major domestic banks across construction, logistics and supply chains.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
