Stanbic posts good profit

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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