NCBA Tanzania has unveiled its 2023 full-year financial results showing a remarkable improvement in terms of growth, deposits, and assets.
Profit After Tax Soars by 157%
Profits after tax surged to an impressive TZS 20,164 million. This substantial growth of 157% from the previous year underscores the bank’s effective strategies, operational efficiency, and adept management of financial resources.
Customer Deposits and Total Assets Surge
NCBA Tanzania also witnessed significant growth in its customer deposits, which soared by 91.5% to TZS 262,582 million. This surge in deposits reflects the growing trust and confidence that customers have in NCBA’s banking services, further solidifying its reputation as a reliable financial partner for individuals and businesses alike.
Moreover, the bank’s total assets experienced a healthy growth of 14.5%, reaching TZS 515,503 million. This increase in assets demonstrates NCBA’s sound financial footing and its capacity to expand its portfolio while maintaining stability and liquidity.
NCBA Now App
NCBA Group has unveiled its innovative mobile banking application, NCBA Now, in Tanzania in a bid to enhance digital banking penetration and offer a better overall experience for its customers.
The NCBA Now app offers real-time account monitoring and card management, service requests and customizable alerts, fund transfer options, bill payments, and instant mobile wallet transactions, providing a seamless banking experience.
Speaking during the unveiling of the NCBA Now App in Tanzania, the NCBA Group Managing Director John Gachora, said, “The new NCBA Now App we are unveiling today, is a testament to our continued pursuit of innovation and good customer experience. As a digitally-led financial institution, we want to play a big role in enhancing financial inclusion across our markets in the East African region through innovative financial solutions that cater to the market needs and also produce products that address the challenges our customers are facing.”
Strategic Vision and Future Outlook
NCBA Tanzania’s exceptional performance in 2023 is a testament to its strategic vision, prudent financial management, and customer-centric approach. The bank’s ability to adapt to market dynamics, embrace digital transformation, and deliver sustainable growth sets a strong foundation for its future endeavors.
Looking ahead, NCBA Tanzania aims to build upon its success by further enhancing its product offerings, expanding its digital capabilities, and deepening its engagement with customers across Tanzania. With a solid financial performance backing its ambitions, NCBA is well-positioned to navigate evolving industry landscapes and continue driving positive impact in the banking sector.
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