KILIMANJARO: UCHUMI Commercial Bank (UCB) has shown impressive performance, with a remarkable 141.6 per cent increase in net profit for the fourth quarter of last year.
The net profit of the Moshi based lender, according to latest financials, increased to 302m/- from 125m/- generated in the similar quarter 2023.
The UCB Chief Executive Officer (CEO), Mr Samwel Wado, told ‘Daily News’ on Wednesday that the growth was due to confidence from clients who continue to use banking services as well as the trust from shareholders who continue to invest with the bank.
“The strong cooperation among the stakeholders played a key role in our success,” said Mr Wado.
The profit was primarily pushed by net interest that increased to 1.61bn/- at the end of Q4 last year up from 1.14bn/-. Additionally, non-interest income went up to 375m/- from 340m/-.
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The deposit increased by 5.23 per cent to 47.53bn/- in 2024 up from 45.17bn/- in 2023. The bank’s loan book also increased to 43.3bn/- in last year’s quarter four from 41bn/- in previous quarter.
The CEO said the bank embarked on expansion plan, starting with the opening of a new branch in Boma Ng’ombe, Hai District, in this first quarter.
“The bank has also invested in technology and soon it will launch a new payment platform which will enable our clients to make payments easily,” the CEO said.
The bank set a strategy to ensure that they add strength to the business continuing to get new customers and educate entrepreneurs and farmers.
He said that the efforts reflect the bank’s commitment to growth, both in terms of geographic presence and digital transformation, ensuring it remains well-positioned to meet the evolving needs of its clients.
Uchumi started operating two decades ago and is based in Moshi, Kilimanjaro
