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.
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
