THE National Bank of Commerce (NBC) has announced a gross profit of 14.3bn/- from its operations in the 2013 financial year, up from 3.9bn/- recorded in 2012.
The profit posted represents an increase of 10.4bn/- compared to the 2012 results, representing a rise of a whooping 267 per cent.
NBC said its net interest margin on average Interest bearing assets increased from 8.98 per cent in 2012 to 9.06 per cent in 2013 due to improvement on the quality of loans and advances to customers and higher yield and increased volume on the market securities.
Interest income expressed as a percentage of total income increased to 67 per cent, from 60 per cent in 2012, mainly due to increased booking of earning assets.
The NBC Managing Director Mizinga Melu said that the total assets grew from 1.518tri/- in 2012 to 1.587tri/- as at 31 December 2013. “Growth is mainly coming from investment of the recapitalised funds,” she said.
Loans and advances increased by 4.5 per cent to 684bn/- in 2013 from 654bn/- in 2012, representing an increase of 3.5 per cent. “Customer deposits increased from 1.291tri/- in 2012 to 1.305tri/- in 2013.
The increase is mainly attributed to liability campaign carried out in quarter four of the year,” Mrs Melu pointed out.
She said the deposits rose following campaigns launched in October 2013, where customers were required to open and deposit into their Malengo Savings Account or to open and deposit into a one year Fixed Deposits Account.
NBC is one of the most represented retail bank in the country with over 45 years experience in providing financial services.
Apart from offering traditional banking services, NBC also prides itself with an expanded 52 branch network and over 280 Visa enabled ATMs.
The bank also services over 250 Points of Sales strategically located throughout the country. NBC has employed over 1300 staff.