May 24, 2024

I&M Bank Tanzania Q1 2024 Profit After Tax Increases by a Record 543%

I&M Bank Tanzania Q1 2024 Profit After Tax Increases by a Record 543%

I&M Bank Tanzania profit after tax skyrocketed by an impressive 543%, reaching a record high Tsh 1.8 billion (Ksh 0.09 billion) for the first quarter (Q1) of 2024.

Additionally, net interest income, the difference between interest earned on loans and interest paid on deposits, surged by 48% to Tsh 14.0 billion (Ksh 0.72 billion).

I&M Bank Tanzania offers a variety of loans, including home loans, business loans, and term loans, catering to a wide range of customer needs. Notably, home loans can be used to finance up to 80% of a property’s market value, making homeownership more accessible for many Tanzanians.

While non-interest income, which includes fees and commissions from various banking services, witnessed a more modest growth of 6% to Tsh 3.1 billion (Ksh 0.5 billion), the overall revenue rose by a noteworthy 38% to Tsh 17.1 billion (Ksh 0.87 billion).

I&M Bank Tanzania caters to a wide range of customers with a diverse product portfolio. Individuals can manage everyday finances with transaction and savings accounts, debit and credit cards, and mobile/internet banking.

Loans, including home loans with up to 80% financing, help achieve goals. Investment and custody services are available for those looking to grow their wealth.

Businesses are supported with dedicated accounts, loans, investment options, and insurance solutions. I&M Bank Tanzania even streamlines tax payments and facilitates international money transfers.

Beyond core services, the bank offers additional conveniences like safe deposit lockers, prepaid cards, and free services for business accounts.

I&M Bank Tanzania’s management team has also demonstrated a commendable commitment to cost control. Total operating expenses increased by a moderate 22% to Tsh 14.5 billion (Ksh 0.74 billion) during the quarter.

I&M Bank Tanzania Limited offers a range of banking services for individuals and businesses in Tanzania. It is a subsidiary of I&M Group PLC, a corporate group with a presence in banking, insurance, and real estate in East Africa.

I&M Bank Tanzania Limited headquarters are in Dar es Salaam and the bank operates in major cities including Arusha, Mwanza, and Moshi.

Read Also : KCB Tanzania’s Loan Portfolio Records 24% Growth

I&M Bank Tanzania customers can access convenient banking solutions through i&m bank tanzania internet banking, providing flexibility and ease of managing finances remotely. For those seeking career opportunities, i&m bank tanzania jobs may offer avenues for professional growth within the institution.

Additionally, customers can stay updated on the latest exchange rates through i&m bank tanzania exchange rate, with 1 Kenyan Shilling equaling 19.54 Tanzanian Shilling. For inquiries and assistance, individuals can reach out through the i&m bank tanzania contact at +255 (0) 784107999.

Beyond financial success, I&M Bank Tanzania is a committed corporate citizen. They actively support the Tanzania Police Force’s “Community Policing and Crime Prevention” initiative.

Additionally, I&M Bank Tanzania’s recognition with the Tanzanian Leadership Award Brand Excellence Award and the STP Excellence Award US Dollar Payments in 2019 highlights their dedication to excellence within the banking sector.