NMB Bank retains lead as Tanzania’s most valuable lender

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At a Glance

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• NMB posted $240.7 million profit in 2024, driven by digital transformation, disciplined lending, and strong core banking operations.
• Market cap hits $1.17 billion, securing 15.98% share of DSE, making NMB Tanzania’s most valuable and profitable bank.
• Over 96% of transactions are digital, with 1.5 million new customers in 2024, including 300,000 from rural communities.

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NMB Bank PLC, Tanzania’s largest banking group, has solidified its status as the nation’s most valuable and profitable lender, surpassing its previous $1 billion milestone with a current market capitalization of Tsh3.15 trillion ($1.17 billion) as of May 31, 2025.

The lender’s current market capitalization as of report writing accounts for 15.98 percent of the Dar es Salaam Stock Exchange’s total valuation of Tsh19.71 trillion ($7.32 billion), reaffirming NMB’s leadership in East Africa’s financial sector.

Record year for NMB
For the 2024 fiscal year, NMB posted a net profit of Tsh647 billion ($240.7 million), up 18.5 percent from Tsh585 billion ($217.6 million) the previous year, driven by strong execution, disciplined lending, and digital transformation. 

Total assets climbed 13 percent to Tsh13.7 trillion ($5.3 billion), with deposits and net loans rising 13 percent and 10 percent, respectively. Return on equity improved to 25 percent, while the non-performing loan ratio dropped to 2.9 percent, reflecting sound risk management.

The bank rewarded shareholders with a record dividend payout of Tsh181 billion ($67.57 million), up 26 percent year-on-year.

Strategy rooted in focus and execution

NMB’s growth is anchored in its focus on core banking, digital innovation, and operational efficiency.

The bank now serves over 8.6 million customers, onboarding 1.5 million in 2024 alone—300,000 from unbanked rural areas through its expanding agent network.

With 96 percent of transactions conducted digitally, flagship platforms like NMB Mkononi and NMB Direct have enhanced accessibility while lowering costs. The cost-to-income ratio declined to 38 percent, reinforcing NMB’s efficient operating model.

CEO statement

“2024 was a defining year,” said CEO Ruth Zaipuna. “We exceeded our targets, deepened financial inclusion, and delivered strong returns to shareholders while transforming into a more agile, digitally driven bank.” 

Sustainability and regional recognition

NMB strengthened its ESG credentials through the issuance of the NMB Jamii Bond—Sub-Saharan Africa’s first sustainability bond—listed on both the London and Luxembourg stock exchanges.

In 2024, the bank invested Tsh5.4 billion ($2 million) in education, health, and climate-related programs, reinforcing its social impact agenda.

With a compound annual net profit growth of 30 percent since 2021 and a cost-to-income ratio down to 38 percent, NMB has proven its ability to scale profitably, compete effectively, and deliver long-term value.

Its sharp focus on operational resilience, people development, and market leadership continues to shape the future of banking in Tanzania and beyond.

NMB’s achievements have earned it a spot among the top 10 most valuable firms on the DSE and among Sub-Saharan Africa’s 30 most valuable companies (excluding South Africa).

Outlook

Under Zaipuna’s leadership, NMB is well-positioned for sustained growth in a fast-evolving regional landscape.

With a compound annual profit growth of 30 percent since 2021, and a deepening digital and sustainability footprint, the bank is poised to maintain its leadership in Tanzania and expand its regional influence.