Exim Bank posts 26% assets growth

Exim Bank Tanzania has recorded a yet another significant annual growth in terms of deposits and assets in the third quarter, the firm announced in a statement.

Exim Bank recorded 26 per cent growth for both deposits and Shareholder’s fund where assets soared 25 per cent, which is a good performance compared to other players in the market.

Speaking during a Press Conference held in Dar es Salaam on Monday, the Exim Bank Tanzania Chief Finance Officer, Mr Selemani Ponda, said bank’s growth is largely attributed to bank’s operational efficiency.

“We are beginning to benefit from our investment in improved operational efficiencies that ensure customer satisfaction. We believe we can improve our deposits mix further by targeting low cost deposits as we streamline further our operations.

“We are pleased with these results which reflect the continued good momentum of our business. Prospects for the year look good and we have already put in place long term strategies to sustain this performance,” Mr Ponda said.

Mr Ponda said the Bank’s total assets grew 26 per cent from 922bn/- in September 2012 to 1.15tri/- in September 2013, thus helping the bank maintain its fifth position among banks in Tanzania in terms of asset and deposits.

“We see increased business opportunities arising out of our subsidiaries in Djibouti and the Comoros and we will continue playing an active role to meet their financial needs in all our subsidiaries,” he added.

He added that the bank’s Shareholder’s fund went up 26 per cent to 136bn/- in September 2013 from 108bn/- in September 2012. 

“The Bank’s fees and commissions income went up 37 per cent from 16.3bn/- in September 2012 to 22.2bn/- this year, as a result of increased volumes in card business, trade finance products and foreign exchange over the last six months,” he added.
Source: Daily News, reported from Dar es Salaam, Tanzania
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