EXIM Bank Group Pre Tax profit for third-quarter grew by 9 percent to TZS 5.4 billion from the same period last year as per recently published results.
“We are pleased to report good results in the third quarter of the year,” said Issa Hamisi, Exim Bank acting Chief Finance Officer. “Strong top-line revenue growth reflects the success of the Bank’s highly diversified income streams. We continue to improve upon operational efficiency to optimize our customers’ satisfaction. Our Bank is continuing to move in the right direction. We are making progress towards fulfilling our ambitions. Our Q3 results show that we have continued with an excellent performance this year,” he added.
Net interest income, grew by 19 percent from similar period in 2013 to TZS 14.2 billion. The improvement was driven by an efficient balance sheet Management. The Loan book recorded a YOY growth by 12% from the same period last year to TZS 583 billion.
Total assets of the bank stood at TZS 1.19 Trillion.
Our Non Interest Income reported a YOY growth of 32 percent from the year-ago to TZS 29 billion, driven by volume growth on Foreign exchange trading activities and trade finance products following implementation of 3-year strategy plan.
“Total Operating expenses were contained and went up by just 17 percent to TZS 16.4 billion compared to TZS 14bio incurred for the previous year for the same period. This is despite bank’s major initiatives and investments towards further strengthening the foundation of the bank – by roping in some of the best consultants on Enterprise wide Risk Management & Process re-engineering.
Customer deposits were maintained at TZS 785 billion from the year-ago quarter. We are pleased to share that our Shareholder funds have increased by 55% as compared to the same period last year.
“Sustained increase in market share through Customer satisfaction continues to remain on the top of bank’s priorities. We are buoyed by a continual rise in the number of new accounts being opened through 27 branches of the bank, in the Country.”
The bank was ranked No 1 in Customer satisfaction by a survey carried out by KPMG in 2013.
In the efforts of increasing its competitive position the bank has embarked into innovative retail model that improved customers contact and close coordination of branches under clusters. This has improved services offered to our existing and new esteemed customers.
In the process of streamlining the process for better service delivery to customers, some of operations such as account opening and activation have been centralized. The deployment of “Centralized Operations” aims at moving all back office processes and practices out of the brick and mortal channels to promote efficiency, increase customer satisfaction and turn branches into “showrooms”, says Mr. Issa Hamisi.
The bank also continues to show social responsibility during the quarter through participation in the public benefiting events and donations. These among others include the ice bucket donation by the chairman to fistula campaign and the sponsorship of children studying at the Ismail M.C.T.
By our Correspondent
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