UCHUMI COMMERCIAL BANK RECORDS STRONG GROWTH IN 2024 FINANCIAL PERFORMANCE

Chairperson of Uchumi Commercial Bank’s Board, Dr. Heavenlight Kavishe, presenting the bank’s report to shareholders during the 19th Annual General Meeting of Uchumi Commercial Bank over the weekend.

Chief Executive Officer of Uchumi Commercial Bank, CPA Samwel Wado, presenting the bank’s report during the 19th Annual General Meeting of Uchumi Commercial Bank held over the weekend in Moshi, Kilimanjaro Region.

Moshi, Kilimanjaro – July 1, 2025:

Uchumi Commercial Bank, headquartered in Moshi, Kilimanjaro Region, has continued its positive growth trajectory, posting a net profit of TZS 1.507 billion in 2024, up from TZS 1.283 billion in 2023—an increase of 17.46%.

Speaking during the Annual General Meeting, the Chairman of the Board, Dr. Heavenlight Kavishe, noted that beyond the growth in profit, the bank also recorded significant improvements across other key areas. Total assets, customer deposits, loans, customer base, and capital all showed substantial growth.

The Assistant to the Bishop of the Northern Diocese, representing the Bishop, commended the bank for its impressive performance in 2024 and encouraged shareholders to continue injecting capital to enable the bank to expand its services and achieve greater milestones.

Key Financial Highlights – 2024

Chief Executive Officer, CPA Samwel Wado, reported that despite a dynamic and challenging financial environment, the bank made notable progress across critical operational areas. Highlights include:

• Customer Deposits: Increased from TZS 40.36 billion to TZS 51.19 billion, representing a growth of 26.83%
• Total Assets: Rose from TZS 55.08 billion to TZS 69.42 billion, an increase of 26.03%
• Customer Loans: Grew from TZS 36.9 billion to TZS 43.11 billion, marking an 18.71% rise
• Total Revenue: Increased from TZS 8.32 billion to TZS 9.34 billion, equivalent to 12.26% growth

In addition, the CEO emphasized the improved Asset Quality, with the bank’s non-performing loans (NPLs) ratio dropping from 11.02% to 9.4% by the end of 2024, and further down to 5% by March 2025.

CPA Wado reaffirmed the bank's commitment to delivering excellent customer service, fostering innovation in service delivery, upholding good governance, promoting environmental sustainability, and engaging with the community to build strong stakeholder relations.

Clean Audit Opinion for 2024

CPA Baraka Moshi, representing the audit firm Auditax International, congratulated Uchumi Bank for earning a clean audit opinion for its 2024 financial statements and urged the bank to maintain professionalism and compliance with all applicable regulations and policies.

Acknowledgment from the Bank of Tanzania and Shareholders

Representing the Bank of Tanzania, Mr. Lusungu commended Uchumi Bank for its strong performance in 2024 and praised its effective governance framework, which promotes transparency and stakeholder engagement.

During the shareholders’ discussions, participants praised the Board of Directors, management, and staff for their excellent performance. They emphasized the need to continue strengthening the bank’s capital base, improving profitability, and enhancing credit management to sustain the bank’s positive momentum.