Exim Bank Group assets approach 1trn/- mark

Mr Grant
Exim Bank Group with subsidiaries in Tanzania, Djibouti and the Comoros recorded 10 per cent growth net profit, reaching 13.7bn/- in 2012, up from 12.4bn/- in 2011.

Addressing a press conference on Wednesday on the bank’s financial performance last year, the Exim Bank Tanzania Managing Director, Mr Anthony Grant, said the firm’s assets were now close to one trillion shillings. 

Mr Grant said the bank’s total assets rose 14.9 per cent to 966.5bn/- for the year ended 2012, as compared to 841bn/- recorded as at December 2011.

“Total deposits grew 16 per cent to 809bn/- in 2012, from 699bn/- in 2011. Total shareholders’ fund for the group rose 22.5 per cent to 109.4bn/- in 2012, from 89.3bn/- recorded in 2011.

Return on average shareholder funds however grew by 14.2 per cent and basic earnings per share rose basic earning per share went up nine per cent to 1,059/- in 2012 from 971/- in 2011.

Mr Grant said that during the year Exim Bank invested to strengthen its foundation. The bank transitioned into a new core banking system that became fully operational in 2012. 

During the year the bank continued its planned expansion, adding a new full service branch at Kigoma on Lake Tanganika and opening a second branch in Moshi called Kilimenjaro.

Another new branch was opened in Shinyanga in February 2013, making Exim Bank rank fourth largest in terms of branch network. Mr Grant was upbeat on the firm’s bright future, commenting also on the bank’s position as Tanzania’s only indigenous bank to have spread its wings to operate in two other countries Comoros and Djibouti.

“Exim Bank will continue to take services closer to communities across the country and launch new distribution channels. Our corporate and individual customers have been able to enjoy world class products,” he said.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam

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