By a Correspondent,
Dar es Salaam
Bank of Africa
Tanzania’s net profit has doubled during the first half of 2012 compared to
same period in 2011.
According
to the financial statement released on 1st August 2012, the bank recorded Tshs
551 million for the quarter ended June 2012 up from Tshs 273 million recorded
in June last year. The bank
recorded Tshs 1.4 billion for the year ending June 2012 compared to Tshs 722
million recorded in the same period ending June 2011.
According
to the banks Head of Finance, Mr. Mussa Mwachaga the bank recorded net interest
income amounting to Tshs 4 billion for the quarter ended June 2012 compared to
Tshs 3 billion recorded in the same period last year. The bank recorded Tshs
8.2 billion for the year ending June 2012 compared to Tshs 5.7 billion recorded
in the same period ending June 2011. This was attributed by increased lending
to the SME sector, personal loans and the introduction of many new products in
the market.
He
further reiterated that the banks non-interest income increased by 37 per cent
for the quarter ended June 2012 to Tshs 2.9 billion shillings compared to Tshs
2.1 billion in the same period recorded last year. This is as a result of the bank
customizing its trade finance portfolio products thus enabling customers to
secure letters of credit and guarantees for their contracts with ease.
In
addition, the increased profits has been attributed with the introduction of
new product i.e. Home finance, insurance premium finance and smart junior
investor account that have catered for new market segments the bank has focused
on. Going forward the bank is focused on increasing its array of products and
services to new sectors.
The
bank has in the recent years strengthened its services and presence in the
country with a current network of 16 branches. Since it started operations in
the country in 2007, the bank has managed to open ten branches in Dar es Salaam
and six branches upcountry in Morogoro, Tunduma, Mwanza, Moshi, Mbeya and
Arusha. Within this
financial year, BANK OF AFRICA TANZANIA will be looking at increasing its
regional presence by opening up 4 new branches in the country.
The bank is part of a Group which operates
in 15 countries, of which 7 are in West Africa (Benin, Burkina Faso, Ghana,
Ivory Coast, Mali, Niger and Senegal); 6 in East Africa (Burundi, Djibouti,
Kenya, Madagascar, Tanzania and Uganda). It is also present in the Democratic
Republic of Congo. The group recorded a turnover of €385 Million in the year
2011.
Ends.
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