Bank M registers impressive growth
Bank M’s balance sheet grew by 66 per cent during the first three quarters of this year, the bank said in a statement yesterday.
The balance sheet grew from Sh66 billion to Sh112 billion in the nine-month period, with the growth being attributed to innovative service delivery.
“Our bank offers customers services unmatched in the quality of it?s delivery in a carefully risk-controlled environment?this is the reason behind these landmark achievements” the bank’s financial controller, Mr Yahya Mbanka, notes in the statement.
During the third quarter alone, the bank’s deposits grew by 26 per cent to Sh92 billion from Sh73 billion, indicating growing customer confidence.
The loan portfolio grew from Sh58 billion at the end of the second quarter to Sh72 billion as of September 30.
Established two years ago, Bank M has its headquarters along Ocean Road in Dar es Salaam.
The bank has three outlets in the city and plans to open two more in Mwanza and Arusha before the end of the year.
Source – The Citizen