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| Chief Executive Officer of the TBCL, Mr. Cosmas Kimario. |
Chief Executive Officer of the TBCL, Mr Cosmas Kimario, said during the meeting with the committee that so far the bank had produced 869m/- as profit by June, this year, snapping a losing trend that has been for a couple of years. “This gives us hope that when reaching at the end of this year, we would be able to make profit,” Mr Kimario said.
He was responding to inquiries from the members of the committee who wanted to know how the bank would become medium financial institution while for the past years it was operating under loss.
Acting chairperson of the committee, Ms Felister Bura, said the explanations given gave the committee hopes that the bank would make it. “State-owned banks have been seen operating under loss, but your assurance has given us hopes,” she said.
The committee directed the management to improve the bank’s Information and Communications Technologies (ICT) system before March, next year, in order to make their operations more efficient as for now some of the services are done manually.
Furthermore, the committee wanted the TBCL to ensure that it verifies the collaterals the customers use for loan applications, a move that would avoid unnecessary losses that the bank could get as the results of collateral having less value than the loan given.
Chairman of the Board of Directors of the TBCL, Dr Hamisi Kibola, said under a new Five Year Strategic Plan from January 2016, concrete plans were made to ensure that more funds are obtained for raising capital.
“We know that the government now has so many development project to implement with limited resources, so we have decided not to seek funds from the government but from our stakeholders,” he said.
One of the strategies to increase capital, he said, the bank is considering to get listed on the Dar es Salaam Stock Exchange (DSE).
Daily News
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