EXIM BANK TANZANIA PRE-TAX AUDITED PROFIT FOR 2014 INCREASES BY 35 PERCENT

Exim Bank Tanzania Acting Chief Finance Officer Issa Hamisi (first right) speaks about the bank’s performance for the financial year 2014 whereby the bank’s pretax profit increased by 35 percent to Tshs 24.1 billion from Tshs 17.9 billion in 2013 as per the recently published financial results, during a press conference in Dar es Salaam yesterday. He is flanked by the bank’s Head of Human Resources, Frederick Kanga (second right) and Chief Internal Auditor George Binde (left).

Exim Bank Tanzania Senior Manager Research and Business Analysis Joseph Mrawa (Second right) speaks about the bank’s performance for the financial year 2014 whereby the bank’s pretax profit increased by 35 percent to Tshs 24.1 billion from Tshs 17.9 billion in 2013 as per the recently published financial results, during a press conference in Dar es Salaam yesterday. He is flanked by the bank’s Acting Chief Finance Officer Issa Hamisi (first right), Head of Human Resources, Frederick Kanga (second left) and Chief Internal Auditor George Binde (left).

Exim Bank Tanzania Head of Human Resources, Frederick Kanga (centre) speaks about the bank’s performance for the financial year 2014 whereby the bank’s pretax profit increased by 35 percent to Tshs 24.1 billion from Tshs 17.9 billion in 2013 as per the recently published financial results, during a press conference in Dar es Salaam yesterday. He is flanked by the bank’s Acting Chief Finance Officer Issa Hamisi (first right), and Chief Internal Auditor George Binde (left).

EXIM Bank Group audited pretax profit for financial year 2014 increased by 35 percent to Tshs24.1 billion from Tshs17.9 billion in 2013 as per the recently published financial results. The bank maintained its Tshs1 Trillion asset base and managed to increase shareholder’s worth by 23% to TShs190 bio as compared to Tshs154 bio recorded last year.

“We are pleased to report robust performance for the financial year ending December 2014,” said Mr Issa Hamisi, bank’s Ag Chief Finance Officer, speaking to the journalists in Dar es Salaam.

He said the net interest income, grew by 30% to Tshs57.3 billion from Tshs44.2 billion recorded in 2013. The improvement was driven by an efficient balance sheet management, focusing on low cost deposits for growth.

According to Mr. Issa, the fees, commission and Foreign exchange income increased by 25 percent to Tshs38 billion from Tshs30.4 billion recorded in the previous year. The growth was significantly driven by volume growth on foreign exchange trading activities, trade finance products and fees from alternate delivery channels.

The asset quality of the bank improved significantly with Gross NPA ratio dropping from 9.60% in 2013 to 6.83% as at the end of the reporting year.

The bank had set a 3 years medium term strategy at the beginning of the year, aimed at increasing its market share in deposits and attaining the leadership position in payments.

Mr Issa further stated that the bank had laid sustained focus on further strengthening its foundation viz. ‘The People, The Processes & The Technology’. The bank had engaged some of the best global consultants to advice on the best practices on ‘Enterprise-wide Risk Management’. The bank also initiated the process of centralizing its back office operations during the year.

According to Mr Issa the bank also continued its endeavors in expand its outreach footprints with two additional branches within all the 3 operational territories including Comoros and Djibouti.

“The bank has established a strong momentum and it is well positioned to maintain similar growth during 2015,” Mr. Issa added.

The bank remained active in its responsibility to the social cause. During the year the bank extended support to educational institutions, hospital, prisons and other charitable organizations.

By our correspondent