By Business Insider Reporter
NMB Bank Plc has posted historic financial results for the year ended December 31, 2024, underpinned by record profitability and its largest-ever dividend payout – further cementing its standing as one of East Africa’s leading and most efficient financial institutions.
Speaking in Dar es Salaam on Thursday June 5, 2025, following the virtually held 25th Annual General Meeting (AGM), Chief Executive Officer, Ruth Zaipuna announced that shareholders had overwhelmingly approved a dividend of TSh428.85 per share, reflecting a 19% increase compared to the previous year.
The approved payout translates into a total dividend of TSh214.43 billion for the 2024 financial year – the highest in the bank’s 27-year history, which Ms Zaipuna said highlights sustained shareholder value creation amid a backdrop of strong financial performance.
Ms Zaipuna confirmed that the dividend will be disbursed on or around June 19, 2025, and noted that the record results reflect the successful execution of the bank’s long-term strategy focused on responsible growth, operational efficiency, and innovation.
Driven by broad-based growth and efficient operations, NMB’s pre-tax profit rose 20% year-on-year to TSh927 billion, while after tax profit grew 19% to TSh643 billion.
CEO Zaipuna told journalists during the press briefing to announce the results that the bank also posted an all-time high earnings per share (EPS) of TSh1,287.
NMB new board Chairman, David Nchimbi, attributed the strong results to the bank’s disciplined strategy and effective governance.
“This dividend payout reflects the strength of our strategic execution and the confidence our shareholders place in our future. We remain focused on unlocking growth opportunities and delivering long-term value,” he said.
Performance figures show that the bank’s balance sheet continued to expand in 2024, with loans and advances rising 10% to TS 8.5 trillion, supported by growth in agriculture, SME lending, personal banking, and wholesale business.
CEO Zaipuna said customer deposits increased by 13% to TSh9.6 trillion, while total assets grew to TSh13.7 trillion, which was also a rise of 13%.
The seasoned banker said the superb performance would not have been possible without the robust performance of the national economy and the supportive business conditions in the country.
NMB Bank’s operational efficiency also improved, with its cost-to-income ratio dropping to 38%, below the regulatory maximum of 55%, which positions the lender among the most efficient banks in the region.
The bank’s non-performing loans (NPL) ratio also improved to 2.9%, outperforming the regulatory ceiling of 5% and staying below the industry average.
CEO Zaipuna attributed the bank’s outstanding performance to disciplined strategic execution and the unwavering trust of its stakeholders – factors that have significantly enhanced NMB’s credibility on the global financial stage.
She noted that this progress has propelled NMB Bank into an elite group of institutions in the world, making it one of the only two Tanzanian companies to achieve a market capitalisation exceeding US$1 billion, a milestone that underscores growing investor confidence and the bank’s rising stature in international capital markets.
“2024 has truly been a standout year for NMB Bank, marked by solid progress against our strategy and a commitment to responsible growth. This performance underscores our promise to deliver lasting impact,” she said.
The bank expressed gratitude to the government, regulators, shareholders and customers for their continued support, which has helped NMB build a reputation for banking excellence and innovation.
Beyond its strong financial performance, NMB Bank also continued to play a decisive role in driving broader social impact and contributing to national progress.
Through its Miti Milioni initiative, the bank planted 1.4 million trees, supporting climate resilience and environmental sustainability.
Ms Zaipuna highlighted the bank’s continued drive for inclusive finance, revealing that NMB on-boarded over 20,000 new agents (wakalas) in 2024.
This expansion of its agency banking network played a pivotal role in opening 1.5 million new customer accounts, pushing the bank’s total customer base to an industry-leading 8.5 million accounts – a figure unmatched in the Tanzanian market. “These milestones are not just numbers; they represent our deliberate effort to align profitability with purpose,” Ms emphasized. “Our approach to Responsible Growth, with a Lasting Impact is rooted in advancing financial access, empowering underserved communities, and contributing to broader socio-economic development.”
