MWANGA Hakika Bank Limited has posted 4.06bn/- profit before tax for the period ended December last year up from 871.78m/- in 2021 on account of the increase of the bank’s business.
This was said by the Head of the Finance and Administration Department of the bank, Mr Hussein Chomete at the third Annual General Meeting held in Mwanga, Kilimanjaro Region, at the end of the week.
“This increase in profit is equal to 365 per cent, whereby this growth was caused by the increase in the business of the Mwanga Hakika bank which led to the growth of customer deposits,” he said.
Mr Chomete said that the bank’s deposits increased by 52 per cent from 52.72bn/- in 2021 and reached 86.06bn/-.
“The bank’s net capital also increased from 16.03bn/- in 2021 to 17.11bn/- in 2022, this success is due to shareholders increasing their shares,” he said.
In addition, he said the value of loans granted increased from 48.55bn/- in 2021 to 80.69bn/- in 2022.
Mr Chomete continued to say that the bank’s leadership continued with plans that will ensure that shareholders get profits and dividends.
For his part, the Managing Director of the bank, Mr Jagjit Singh, said the bank continued with its 2021-2025 strategic plan prepared by the institution by placing emphasis on improving customer services and expanding the scope of business.
“In the new strategy, the bank continues to focus on strengthening various technological and digital systems in order to be able to reach more customers and provide competition in the local and future international markets,” he said.
Mr Singh continued to say that the bank’s profit is expected to increase to 9bn/- in the year 2023 and that the direction is good due to the fact that until June 30, this year, the profit before tax had already reached 4.24bn/-.
He said that the bank’s deposits are expected to increase and reach 132bn/- compared to the value of 80bn/- of the year 2022.
For his part, the Bank’s Chairman Eng Ridhuan Mringo said the bank’s future plan was to ensure that it becomes one of the five most important banks in the country in the coming ten years.
“In order to ensure that we achieve that goal, the board and the management of the bank have continued to improve various services,” he said.
He named the services as those of improving technological department so that customers can use mobile phones, to do different transactions including government payments, buying electricity and acquire loans through digital services.
