PBZ releases 7bn/- dividend to Z’bar govt

ZANZIBAR:The People’s Bank of Zanzibar (PBZ) has presented 7bn/- dividend to the government Zanzibar, which owns 100 per cent of the financial institution’s shares.

Gracing the ceremony in the Isles recently, Zanzibar Minister of State- President’s Office (Finance and Planning) Dr Saada Mkuya Salum said it was a remarkable achievement and urging public institutions to fulfill their duty of remitting dividends to the government.

She added: “The government is pleased with the ongoing success you have been registering and our emphasis is that you continue operating efficiently and professionally.

As shareholders, we are happy to see our investment bearing fruit.

The 7bn/- dividend received by the government today (Friday) will increase the size of our revenue pool, which has been directed towards various development projects, especially strategic ones.”

The event was also attended by other senior officials from the government including the Permanent Secretary in the President’s Office-Finance and Planning, Zanzibar, Dr Juma Malik Akil and the Registrar of Treasury – Zanzibar, Mr. Waheed Sanya.

Also read: Samia praises PBZ’s expansion, Nyusi requests branch

On his part, the Chairman of the PBZ Board of Directors, Mr. Joseph Meza, expressed the bank’s delight in presenting the substantial dividend, stating that the success and positive trend confirm the high trust customers have placed in the financial institution.

He further said that the bank’s contribution was attributed to the impressive performance it registered last year.

Adding: “We are happy to remain committed to achieving our important goals in expanding our footprint and investing in technology to enhance our customers’ experience.

“Today (Friday), we are delighted to present a check of 7 billion shillings as a dividend for the year 2023.

We look forward to a more hopeful future while continuing to provide better services to our customers.”

Commenting, the bank’s Managing Director, Mr. Arafat Haji said that their performance and success in business was as a result of the government creating a conducive environment for financial institutions to thrive.

Equally, he commended the bank’s board and employees for their exceptional efforts in driving the remarkable performance, saying: “The bank’s performance demonstrates a conducive business environment that has allowed us to reach our customers easily.

We will continue to invest in technology, expand our footprint, and improve our services to meet and exceed the expectations of our customers.”

In the year 2023, PBZ Bank increased its pre-tax profits to 74bn/-, with its asset base reaching 2.05tn/-.

The bank, which currently operates 33 branches, is strategising to open more branches in various regions in the (Mainland) Tanzania including its recent expansions in Morogoro and Mbeya.

“This substantial dividend payout to the government showcases our unwavering commitment to supporting the nation’s development agenda.

As the bank continues to expand its reach and enhance its digital capabilities, it is poised to play an increasingly pivotal role in the financial growth and prosperity of Zanzibar and Tanzania as a whole,” he pointed out.

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