Absa Bank Managing Director, Abdi Mohamed. |
- Absa Bank recovers strongly from the COVID - 19 effects to post astronomical after-tax profit rise
“The year 2021 has been a very good year from the financial performance perspective as the Bank was able to recover from a reported loss position of TZS 532million in 2020 to register a Tzs 9.4billion profit after tax (PAT) in 2021,” said Abdi Mohamed.
“The 2020 reported loss was mainly contributed by the negative effects of the COVID-19 pandemic that affected most of the sectors in the economy which impacted Bank’s financial performance in terms of decreasing revenues and increased loan impairment losses. “
According to the Bank’s MD, profit before tax (PBT) also grew significantly by 210% year on year from Tzs 4billion last year to a Tzs 13billion in 2021, mainly contributed by declining loan impairment charges by 30% and decreasing operating costs by 8% while the Bank was able to maintain stability in the revenue performance year on year.