Non-performing loans reduced by Tanzanian National Bank of Commerce
The National Bank of Commerce in Tanzania has reduced its non-performing loans and advances by 2.5 per cent.On December 31st 2010, the value of non-performing loans totalled Sh134,634 million (€61,910), the Citizen reports.
However, this was reduced to Sh131,325 million by March 31st 2011.
This comes after the bank experienced a gross profit cut of Sh41.6 billion last year, which was partly due to a higher cost of operation during the first quarter.
Now, it has committed to resuming its normal performance by collecting funds and returning to profitability as 2011 progresses.
It also wishes to float 30 per cent of its shares in a public offering that could see it listed on the Dar es Salaam Stock Exchange
Speaking to the news provider, NBC Managing Director Lawrence Mafuru said: "With that in mind, we see the bank's profitability outlook as brilliant in 2011."
The organisation works with the government and other enterprises to promote economic and social development and prosperity in Tanzania.