The National Commercial Bank (NBC) has handed over a dividend of 10.5 billion shillings to the Government, a 600 percent increase in the past five years.
The dividend was paid from the bank's profits for the 2023/2024 financial year, where a total dividend of 35 billion shillings was declared to all shareholders of the bank. The Tanzanian government owns 30 percent of NBC's shares, so it directly benefits from the increase in income.
At a national ceremony to receive dividends from public organizations and companies in which the government owns shares, held at the State House in Dar es Salaam, President Dr. Samia Suluhu Hassan called on all public organizations and institutions to ensure that they are properly responsible for protecting and developing government investments, while emphasizing the importance of contributing to the development of the national economy.
Treasury Registrar, Nehemia Mchechu, has congratulated NBC Bank for its success and explained that despite the government having a small shareholding, the bank has continued to operate with great success. “We have witnessed positive changes and great efficiency in the past five years. With only 30 percent ownership, we have received a dividend of 10.5 billion for this year, which demonstrates the strength of this bank,” said Mchechu.
For his part, NBC's CEO, Mr. Theobald Sabi, said the success is due to the bank's strong strategy in developing services and improving financial infrastructure.
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Editor | John Mbalamwezi
