Speaking at an annual general meeting of shareholders this weekend, Mwanga Bank board secretary Nancy Kissanga said the bank has seen promising growth over the past year thanks to its merger with three other financial institutions.
Kissanga told shareholders that since the August 2020 merger with two other financial institutions, Mwanga Bank has achieved remarkable growth and profitability through investments in digital outlets.
“The increase in profits is mainly attributed to the increase in interest income from loans and non-interest income after the merger of three banks which has strengthened our ability to compete in the market,” she said. declared.
Speaking to shareholders, the chairman of the board of directors of Mwanga Bank, engineer Ridhuan Mringo, said the bank has taken several steps to expand its business reach and has since opened seven branches in the cities of Dar es Salaam. and Dodoma.
“The ratio of capital to assets by Bank of Tanzania standards is 15:32 (percentage). In addition, during this period, our bank is focused on building strong business relationships with the private sector and other institutions, ”said Eng Mringo. He noted that the bank is also working to tap the forex market by offering competitive rates. “I urge our shareholders to take the opportunity offered by the bank to obtain loans to invest in profitable projects,” he said.
Principal guest of the AGM, retired Premier Cleopa Msuya urged shareholders to continue investing in the bank to make it sustainable and profitable for generations to come.