Why ‘Euromoney’ picked NMB for 8th straight year

Dar es Salaam. NMB Bank Plc has won the Euromoney Magazine’s ‘Best Bank in Tanzania’ for the eighth consecutive year - thanks to its splendid show in several performance indicators.

The London-based Magazine ranked NMB Bank the best financial entity in Tanzania in 2020, leapfrogging its peers in metrics such as financial performance, digital banking strategy, financial inclusion, product offerings, approach to cyber-security and corporate social responsibility.

Euromoney Magazine also considers metrics such as market capitalization, return on equity, return on assets, market share of deposits, market share of loans, loans-to-deposits ratio, non-performing loans ratio and non-performing loans coverage ratio.

NMB’s acting managing director, Ruth Zaipuna, said in Dar es Salaam yesterday that the award reflects the progress the bank has made in delivering a banking experience that captures what customers need.

“We are today a bank that is known for resilience, focus on technology and innovation….NMB’s purpose is to drive Tanzania’s growth….We are a catalyst for economic change in our country…Winning this award for the eighth time in a row is a manifestation of the bank’s commitment to its clients and Tanzania,” she said.

She said the bank was leveraging on the best of technology in digital banking, innovative products, its extensive branch network and alternative channels to add real value to its customers’ lives.

NMB has been Tanzania’s most profitable bank for over a decade.

Last year, it reported a Sh142 billion net profit, being a 46 percent rise from the Sh98 billion recorded in the previous year.

According to Euromoney’s editor Clive Horwood, the ranks take into consideration issues of size, profitability, ability to demonstrate growth, relative outperformance compared with peers and the ability to adapt to changing market conditions and/or client needs.