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Mkombozi registers 3.8bn/- profit in 2020

Mkombozi registers 3.8bn/- profit in 2020

Mkombozi Commercial Bank has registered 3.8bn/- after tax last year thanks to the successful execution of the revenue growth and cost management initiatives.

The Board Chair Prof Marcellina Chijoriga said at the bank’s 12th Annual General Meeting that the bank has made a profit of 3.8bn/- last year up from the loss of 6.5bn/- in 2019.

“The bank’s profit has been contributed by the successful execution of the revenue growth and cost management initiatives,” she said.

She added, “Our customer’s deposits increased by 14 per cent to 183bn/- last year and that marked another milestone the bank has posted a positive result’s,” She said loans and advances to customers decreased by 1 per cent while the quality of the book improved to the non-performing ratio (NPL) of 10 per cent.

Prof Chijoriga said that the bank will heavily invest in the digital platform which shall cater for Agency Banking, Mobile Banking applications, Internet Banking and Payment Solutions.

Mkombozi Commercial Bank Chief Operations Officer Thomas Enock said some of the challenges the bank faced last year was operating under significant capital challenge which inhibited business growth ambitions due to limited capacity to invest.

“The business recapitalization process was primarily aimed at meeting regulatory compliance as well as to facilitate investment and growth for the business,” he said.

The current capital position of 18.5bn/- does not meet the compliance requirement fully in terms of the total capital adequacy ratio, which is at 13.6 per cent against the regulatory requirement of 14.5 per cent.

This calls for continued intervention to raise a necessary additional capital amount for full compliance and meet business growth ambitions’.

He added that the niche market focus (on the Church and its Institutions) is yielding fruits as demonstrated by commendable growth in the church clientele base by 150 per cent last year to 7,420 accounts compared to 2,981 accounts in the preceding year.

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Mwandishi: DAILY NEWS Reporter

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