NBC Bank, in a remarkable achievement, paid dividends of 6.0 billion Tanzanian shillings (TZS) to the government on Wednesday, representing a significant increase of over 30 percent compared to the previous year. The bank's outstanding performance throughout the last year can be attributed to the favorable business climate it operated in.
Theobald Sabi, the CEO of NBC, emphasized that the bank's substantial profit warranted the increase in dividends from TZS 4.5 billion in 2021. Sabi expressed his gratitude for the ideal business environment that enabled them to serve their customers efficiently, stating, "The bank's performance reflects an ideal business environment that allowed us to reach our customers conveniently."
Looking ahead, Sabi pledged to continue investing in technology, expanding their reach, and enhancing their processes to not only meet but exceed customer expectations. This commitment to innovation and growth will further strengthen NBC's position in the banking industry.
Dr. Elirehema Doriye, Chairman of NBC, announced that the bank's pre-tax profit had witnessed an impressive growth of 36 percent, amounting to TZS 81.9 billion by the end of December. Doriye expressed optimism about the future, emphasizing the bank's dedication to delivering exceptional customer experiences and creating unmatched value for shareholders.
With the profit growth achieved, NBC Bank allocated TZS 20 billion as total dividends, out of which TZS 6.0 billion was disbursed to the government. Nehemiah Mchechu, the Treasury Registrar, acknowledged the dividend payment, stating that the amount would significantly contribute to the government's collection baskets and aid in funding strategic projects. Mchechu expressed his satisfaction, stating, "We are pleased to see our investments in NBC paying off."
In addition to providing dividends, NBC Bank has been actively engaged in corporate social responsibility initiatives, investing more than TZS 1.1 billion in community projects focused on health and education at the grassroots level. Furthermore, the bank recently raised TZS 200 million through the NBC Dodoma Marathon 2022 to support the fight against cervical cancer, showcasing its commitment to making a positive impact on society.
Highlighting its involvement in sports, NBC Bank proudly serves as the main sponsor of the country's Premier Soccer League, known as the "NBC Premier League." Through such sponsorships, the bank not only promotes the development of sports in the nation but also enhances its brand visibility and connects with a wider audience.
The remarkable performance, increased dividends, commitment to corporate social responsibility, and involvement in sports sponsorships collectively demonstrate NBC Bank's dedication to delivering exceptional financial services while making a positive impact on society. With its continued focus on innovation and customer satisfaction, NBC Bank aims to strengthen its position as a leading bank in the region and contribute to the economic growth of Tanzania.
The National Bank of Commerce (NBC) is a prominent financial institution in Tanzania that has established itself as a key player in the country's banking sector. With a strong reputation and a history dating back several decades, NBC has emerged as a trusted partner for individuals, businesses, and the government alike.
Since its inception, NBC has been committed to providing exceptional banking services and fostering economic growth within Tanzania. The bank offers a comprehensive range of financial products and services, including personal banking, corporate banking, investment banking, and treasury services. This diverse portfolio enables NBC to cater to the diverse needs of its customers, ensuring that they receive tailored solutions to achieve their financial goals.