Two Tanzanian banks ranked high by London magazine

Dar es Salaam. Only two of Tanzania’s 50 plus financial entities have the audacity to feature in Africa’s top 100 banks, a new publication shows.

The National Microfinance Bank (NMB) and CRDB are the only financial entities in Tanzania that have made it to the list of top 100 banks in Africa in 2013, according to African Business Magazine.

The October, 2013 Issue of the magazine, published in London, ranks NMB and CRDB on positions 87 and 94 respectively, courtesy of the banks’ sound capital, outstanding asset value and profitability.

In African Business’ definition, the capital refers to Tier-one which includes capital, reserves, minority interests and retained earnings. Similarly, the publication measures a bank’s profits in terms of Pre-tax earnings in millions of United States Dollars for end financial reporting ye
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Comparatively, though both NMB and CRDB remain on the list of Africa’s top 100 banks, both of them have lost some steps if their last year’s ranks are put to consideration.
NMB lost four steps while CRDB has lost two steps. The former was on position 83 in 2012 while the latter stood on position 92. The coming of new commercial banks – which are well capitalized and with outstanding assets - in various African countries last year (2012) might have eroded the prominence of two of Tanzania’s leading financial entities. Some 10 new banks made it to list of top 100.