Dar es Salaam: NMB Bank has declared a historic dividend of 214.43 billion shillings to its shareholders, bringing the total annual dividend to 214.43 billion shillings for the financial year ended December 31, 2024.
The proposal and decision was approved during the 25th Annual General Meeting of Shareholders and the payment of this dividend is expected to be made on June 19, 2025.
The dividend payment of 214.43 billion shillings is a 19% increase compared to the dividend payment paid in 2023 of 180.59 billion shillings
In 2024, NMB Bank continued its good performance where the Bank earned a profit after tax of 643 billion shillings, an increase of 19% compared to the previous year.
Loans increased by 10% to 8.5 trillion shillings, driven primarily by growth in lending to key segments including agriculture, the private sector, retail, large corporates and government.
Customer deposits reached 9.6 trillion shillings, up 13% year-on-year, driven by growth in deposits across all key segments of our business.
On the back of our strong balance sheet, the Bank’s total assets grew by 13% year-on-year to 13.7 trillion shillings.
The Bank remained capital-strong, well within regulatory limits, positioning itself for sustainable business and future investment opportunities.
As of December 2024, NMB Bank achieved a cost-to-income ratio of 38% compared to 39% in 2023, below the regulatory limit of 55%, making NMB Bank one of the most efficient banks in the country and in the East African region.
High-quality management and investment coupled with the quality of loan sources and strong management led to a decline in the non-performing loan ratio to 2.9% from 3% in the previous year.
The Bank’s ratio has continued to be within the regulatory limit of 5% and below the industry average.
The Chairman of the Board of Directors of NMB Bank, Mr. David Nchimbi said that the dividend payment provides a strong signal of progress and effectiveness in the implementation of the strategy, strong foundations of good governance and the great confidence that our shareholders have in our future plans.
Our goal is to achieve the grand vision of becoming the right partner for financial solutions that deliver value to customers, investors, and all stakeholders in general by focusing on efficiency, innovation and high level of accountability.
NMB Bank Chief Executive Officer, Ms. Ruth Zaipuna said 2024 was a unique year for NMB Bank that witnessed significant progress against our strategy and added value to all our stakeholders.
My sincere gratitude goes to our Government, financial sector regulators, customers, shareholders and our employees for their great contribution and trust in us.
