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| Exim Bank's Chief Executive Officer, Jaffari Matundu (center) answers questions from journalists during a press conference held in Dar es Salaam yesterday, which was organised to highlight key areas of the bank's performance for the year ending 31 December 2020. Left is the bank's Head of Credit, Zainab Nungu and Chief Finance Officer, Shani Kinswaga (right). |
Exim Bank Group gets out of the red to post a striking profit despite hurdles brought about by COVID-19 for the year ending 31 December 2020.
Exim Bank Group, the only local lender to open overseas subsidiaries in three countries, has posted a cumulative pre-tax profit of TShs 25.3 billion, in comparison to the loss before tax of TShs 8.4 billion in the previous year.
Exim Bank Group Chief Executive Officer, Jaffari Matundu said the positive operating results are an outcome of the perseverance of the business despite the COVID-19 impact, after capitalising on performing sectors while containing expenditure to ensure optimisation of its operations.
In Tanzania, Exim Bank, which also operates in Djibouti, Ethiopia, Comoro and Uganda was able to navigate the tide through segment-specific initiatives such as focusing and creating a niche market in the corporate and SME sector via cash management solutions.
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