Exim Bank Tanzania Records Good Profits
Exim Bank Tanzania Limited, has posted a hefty net profit of Tsh15.5 billion ($ 10 million) in three months ending September, 2010.
In the same period the bank noted an increase in its assets from Tsh611 billion ($450 million) by June this year to Tsh668 billion ($500 million).
The asset growth has risen by 27% from last year's last quarter ending December 2009, which recorded assets totalling $390 million.
The bank's report issued recently attributed the profits and the financial growth in deposits and assets which have risen by 9.21% and 9.33%, respectively from the previous quarter.
The published report is pursuant to Section 32(2) of the Tanzania's Banking and Financial Institutions Act of 2006 which requires all banks and financial institutions to publicly report their operations quarterly and annually.
Exim is a privately owned commercial bank that commenced operations in Tanzania in August 1997 that provides banking services to individuals, small to medium sized corporate clients and large companies. Currently it ranks among top 10 banks in Tanzania. It also owns minority shareholding of 5.8 per cent in the Tanzania's largest bank, the National Microfinance Bank (NMB).
The bank has an extensive 21 branches spread across the country in regions of Dar es Salaam, Arusha, Mwanza, Morogoro, Mtwara, Manyara, Tanga, Mbeya, Kilimanjaro and Zanzibar.
According to the bank, since its inception, it has enjoyed year-on-year growth in profits, assets and deposits attributing the excellent growth rates to the experience and dedication of the Board of Directors, management and the staff of Exim Bank coupled with an unwavering focus on customer satisfaction.
Last year Exim Bank won the Tanzania's National Board of Auditors and Accountants (NBAA) award for the best financial statements for the year 2008 in the banking category.
As of September this year, Exim Bank Tanzania maintained a banking subsidiary in the Comoros, Exim Bank (Comoros), which is owned 100 per cent by the Dar-based bank. In April 2010, the bank received authorization from the Bank of Tanzania, the country's banking regulator, to establish subsidiaries in Djibouti and Zambia, thus setting up the Exim Bank (East Africa) Group, a regional banking financial services organization.
Published: Wednesday 13 April, 2011
Expires: Monday 31 December, 2035