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| Stanbic HQ in D'Salaam |
Stanbic
Bank net profit has almost doubled despite economic slowdown, tight liquidity
and rising inflation.
The
bank which opened its door to the public 17 years ago, posted a profit increase
of 63.3 per cent to 15.7bn/- in 2011 from 9.6bn/- in 2010.
The
Stanbic Bank Managing Director, Mr Bashir Awale, said it was a good year for
the bank where it achieved good results in a period characterised by economic
slowdown, inflation and tight monetary constraints.
"We
have made significant growth in our profits," Mr Awale said.He added that
the profitability level was realised also after "significantly containing
our costs which led to achieving these good results."
The
banks attributed the good year results to net income portfolio which rose by 51
per cent to 39.1bn/- against non-interest income that generated 37.23bn/- in
the year, from 28.9bn/- during the previous year.
"The
bank is aiming to be a leader on non-interest income, particularly through its
re-focused investment banking space," the managing director said.
Source:
The Daily News, http://www.dailynews.co.tz
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