Dar es Salaam, Tanzania:
Yet another Tanzania Bank has reported huge profits in 2022.
The People’s Bank of Zanzibar Limited (PBZ) has had its net profit doubled last year owing to the lender steady growth plan, its financial report shows.
PBZ’s head of Finance Anwar Saleh told news outlets that the impressive performance puts PBZ on the 6th position among the most profitable commercial banks in Tanzania.
This follows the recent announcement that Tanzania bank is general are raking in historically massive profits.
Commercial bank net profits in Tanzania rose by about Sh400 billion last year to surpass the Sh1 trillion-mark for the first time in Tanzania banking history.
Anwar Saleh explains where this profit has come form saying; “During the year 2022, we focused on efficiency in implementing the bank’s strategies. As a result, customers’ deposits rose by 40 percent while the loan and financing portfolio increased by 34 per cent,” he said. So essentially it was the customers who have accounts in the bank that helped fund this increase in profits.
He added that the bank also registered an improvement in the quality of bank assets resulting in remarkable growth in profit.
Both funded (interest) and non-funded (non-interest) income streams rose significantly.
While the net interest income reached Sh72.05 billion in 2022 from Sh57.83 billion in 2021, the non-interest income surged to Sh33.2 billion from Sh25.48 billion.
PBZ officially joined the group of first-tier lenders in Tanzania in 2022 after its assets rose by 41 percent to reach Sh1.42 trillion from Sh996.37 billion in 2021.
Its ratio of Non-Performing Loans (NPLs) to total gross loans stood at 2.77 percent by December 2022.
Share this news
This Year’s Most Read News Stories
Zanzibar land lease controversy with British Developer
Zanzibar investment lease controversy rumbles on after President Hussein Mwinyi claims the land lease was terminated following a court case which the developer lost Contradictory details come to light.Continue Reading
Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
ALSO READ: NBC’s Saving Campaign Empowers Customers Nationwide
Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
Loud calls for investigation of Zanzibar port, ZSSF & airport
The leader of the ACT Wazalendo, Zitto Kabwe has raised three key issue that he said are hindering the economy of ZanzibarContinue Reading
