Bank M`s second quarter profitability doubles

Bank M`s profitability trend cruised to its second quarter, its published quarterly financial disclosure so indicate.

Notably, bank`s operating income more than doubled from 140m/- in April to 296m/- by the end of last month, while the bank`s month on month operational loss dropped significantly from 219m/- to 111m/- over the same review period.

Consistent growth in operating income signals company\'s earning power is getting stronger by the day from ongoing operations, even before deductions of interest payments and income tax are taken into account.

With only ten months of experience in financial market, Bank M now pursuing an aggressive geographical expansion plan.

Surging profits are apparently drawing sympathy from growing total assets which jumped up by 55 percent, equal to 26.39bn/- as at the end of previous quarter, but reached 40.89bn/- as at end of June.

The financials further indicate that the bank`s deposits during the last quarter grew significantly from 20.93bn/- to 33.65bn/- during the quarter under review.

Deposits were mobilised from diverse markets � with 44 percent coming from corporate customers, 22 percent from non bank financial institutions, 17 percent from institutional customers and 17 percent from other banks.

Similarly the bank`s lending portfolio has accelerated by 29 percent during the same period to 25bn/- as at the end of second quarter.

Bank M�s Financial Controller Gasper Mkenda comments on the performance over the weekend linked results to ``unique delivery channels, committed and highly qualified staff and state of the art technology``.

In addition to its Industrial Finance Branch (IFB) along Nyerere Road and an office in the city centre, another branch would soon be opened at the booming Kariakoo business area, before its goes to Mwanza and Arusha before end of this year.

* SOURCE: Guardian