Mwanga Community Bank posts 74m/- profit

A Kilimanjaro Region-based bank, Mwanga Community Bank, posted a pre-tax profit of Sh74 million in 2012.

This was 38 per cent less than what the community bank had projected, according to its managing director, Mr Abby Ghuhia.

The shortfall was due to interest from deposits accumulated from other financial institutions.

“The bank posted a pre-tax profit of Sh74 million for the year ending 31 December, 2012. We missed our goal by a total of Sh45 million,” Mr Ghuhia told participants at the bank’s 2013 annual general meeting held in Mwanga District recently.

However, the bank performed well in a number of other fundamentals with deposits increasing by 38 per cent from Sh4.917 billion in 2011 to reach Sh6.762 billion in 2012. This was attributed to the bank’s comprehensive strategies to increase customers, deposits and market ownership in Tanzania.

In order to achieve the Five Years’ Business Plan from 2013-2017, Mr Ghuhia said that the bank expects to increase deposits, loans, shares through financial service centres opened in Moshi, Same, Kileo ,Hedaru, Njia Panda, Ugweno and Usangi.

Mr Ghuhia said that the total capital increased by seven per cent from Sh1.018 billion to Sh1.086 billion while core capital went up by six per cent from Sh851 million in 2011 to Sh904 million in 2012.

Assets went up by 22 per cent from Sh6.565 billion in 2011 to Sh7. 992 billion in 2012.

For his part, a member of the board of directors of the bank, Mr Epaineto Toroka, speaking on behalf of the chairman, Mr Ibrahim Sehushi, said based on the results of the financial year 2012, they have set targets for 2013 including ensuring that deposits increase by six per cent to reach Sh7.14 billion shillings from Sh6.76 billion.

“Until May 2013 we had the deposits amounting to Sh7.82 billion which is equivalent to an increase of Sh1.74 billion (28 per cent),” he stated.

Mr Seushi said that Credit has projected to increase by Sh1.29 billion (25 per cent) to reach Sh6.21 billion in 2013 from Sh4,.92 billion in 2012.
Source: The Citizen, reported from Mwanga, Kilimanjaro
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