The bank notably handed over a dividend cheque worth 57.4bn/- to the government, the highest ever from any banking institution in Tanzania’s history.
This commendable achievement marks a 26 per cent increase from the previous year’s dividend of 45bn/- underscoring NMB Bank’s robust financial health and effective strategic planning amidst a thriving national economy.
“Congratulations NMB, you have done a great job,” remarked President Samia during the event, highlighting the bank’s stellar performance and its substantial contributions to the national economy.
The ceremony also featured the NMB Bank’s CEO, Ruth Zaipuna and the Bank’s Chairman of the Board of Directors, Dr. Edwin Mhede jointly presenting the cheque to the President, where the CEO emphasized on the positive correlation between the national macroeconomic environment and the bank’s financial successes
“The main reason for such a growth in the government dividend is the striving economy of the nation, and we believe to do better since the economy is also doing better,” stated the bank’s CEO, Ms Zaipuna also added, “The high dividend we have been able to hand over today is a testament to our commitment to supporting the nation’s economic agenda.
It reflects our strong financial performance and our sustained efforts in fostering economic growth,” NMB Bank’s trajectory of growth and commitment to excellence is set against a backdrop of a national economy that has shown resilience and growth potential.
Also read: https://dailynews.co.tz/nmb-gets-banking-sector-best-dividend-remittance-award/
The economic policies implemented under President Samia’s administration have created a conducive environment for businesses to thrive, which in turn has spurred institutions like NMB Bank to perform exceptionally.
CEO Zaipuna noted, “We believe in the potential of our economy and the importance of our role in driving financial inclusivity and growth.
Our performance is a reflection not just of our business acumen but also our dedication to collaborating with the government to achieve shared economic goals.”
This year’s dividend handover event was particularly significant as it saw NMB Bank outperforming other private sector entities, setting a new precedent for contributions to the government from a banking institution.
The bank’s increased dividend reflects not only on its strong financial performance but also on its strategic alignment with the nation’s economic goals.
Deo Sangu, the Chairman of the Parliamentary Public Investment Committee, praised NMB Bank for setting a perfect example of how private sector entities can substantially contribute to the government’s revenues, despite the government holding relatively fewer shares compared to other shareholders.
“NMB has shown a perfect example on how private sectors can also contribute much to the government regardless of the Government having less shares than some other shareholders,” Sangu commented during his address.
NMB Bank’s dividend of 57.4bn/- is the 31.8 per cent bank shares owned by the Government and part of the 181.59n/- approved to be disbursed to shareholders during the Bank’s AGM on the 7th of June 2024.
In acknowledging NMB’s impressive dividend handover, President Samia also presented an award to the bank’s CEO and the Chairman of the Board of Directors.
