Bank of Africa Tanzania’s net profit doubles

Bank of Africa Tanzania’s net profit doubles

According to the just released financial statement, the bank posted 551m/- for the quarter ending in June 2012 up from 273m/- in June last year.  The bank garnered 1.4bn/- net profit for the year ending in June 2012, up from 722m/- in the same period last year.

The bank’s Head of Finance, Mr Mussa Mwachaga, said the bank recorded net interest income amounting to 4bn/- for the quarter ended June 2012 compared to 3bn/- in the same period last year. The bank’s revenues for the period ending June 2012 hit 8.2bn/- from 5.7bn/- in the same period in 2011 as a result of increased lending to small and medium enterprise sector, personal loans and the introduction of many new products in the market.

Mr Mwachaga said the bank’s non-interest income increased by 37 per cent to 2.9bn/- during the quarter ending June 2012 from 2.1bn/- for corresponding period last year. The bank has in 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 opened ten branches in Dar es Salaam and one branch each in Morogoro, Tunduma, Mwanza, Moshi, Mbeya and Arusha. The bank is part of a group operating in 15 countries, of which seven are in West Africa.

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Author: DAILY NEWS Reporter

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