The Times of Tanzania
Eastern Africa News Network

NMB tops the list of ten profit-making banks in Tanzania with CRDB taking second position

The quarter three financial statements indicate that the commercial bank of NMB is riding highest in the country as far as profits are concerned.

The NMB Bank maintains the lead in the listing of Top 10 banks in the country that have raked in a combined net profit of over 1 Trillion, in the third quarter of the year 2023.

The Central Bank of Tanzania (BOT) also reports that the country’s banking sector continues to thrive against all odds, including global conflicts, drought and other effects of climate change.

Leading the pack, in the ranking of the top profit making financial institutions, the NMB Bank lists a net profit of 398 billion/-.

Following in the second position is the CRDB Bank which records 280 billion/- in profits in the third quarter of 2023.

The Stanbic Bank ranks third with a profit of 95 billion/-.

In the fourth position of the top-ten banks in the country is Standard Chartered (StanChart) bank, which has recorded a net profit of 64 billion/-.

The NBC Bank is at number five, having recorded a profit of 62 billion/-

At number six is the Citibank which inks 44 billion/- in profits.

The People’s Bank of Zanzibar (PBZ) which is owned by the Government of Zanzibar is at number 7 with a profit of 41 billion/-

The Exim Bank, which has recorded a profit of 40 billion/- is ranked at number 8 in the list of top performing financial institutions as far as earnings are concerned.

The ABSA Bank of Tanzania has realized a profit of 37 billion/- in quarter three of 2023, getting slotted at number 9.

 Closing the top-ten listing is the KCB Bank, which has listed a net profit of 35 billion/-, according to the Quarter 3 financial statements.

The Big Two financial institutions, which are the NMB Bank and the CRDB bank, seem to play in a league of their own, with their combined profits accounting for 62 percent of the total profits of the Top 10 most profitable banks in Tanzania.

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