Exim Bank profit for 2014 up 35%

Exim Bank Group pretax profit for financial year 2014 increased by 35 per cent to 24.1bn/-, from 17.9bn/- in 2013, the firm said in its latest financial report.

The bank maintained its 1tri/- asset base and managed to increase shareholder’s worth by 23 per cent to 190bn/- as compared to 154bn/- recorded in 2013.

“We are pleased to report robust performance for the financial year ending December 2014,” said Mr Issa Hamisi, the bank’s Ag Chief Finance Officer, told a news conference in Dar es Salaam.

He said the net interest income, grew by 30 per cent to 57.3bn/- from 44.2bn/- recorded in 2013. The improvement was driven by an efficient balance sheet management, focusing on low cost deposits for growth.

According to Mr Issa, fees, commission and foreign exchange income increased by 25 per cent to 38bn/- from 30.4bn/- recorded in the previous year.

The growth was significantly driven by volume growth on foreign exchange trading activities, trade finance products and fees from alternate delivery channels.

The asset quality of the bank improved significantly with Gross NPA ratio dropping from 9.60 per cent in 2013 to 6.83 per cent as at the end of the reporting year.

The bank had set a three years medium term strategy at the beginning of the year, aimed at increasing its market share in deposits and attaining the leadership position in payments.

Mr Issa further stated that the bank had laid sustained focus on further strengthening its foundation which is ‘The People, The Processes & The Technology’.

The bank had engaged some of the best global consultants to advice on the best practices on ‘Enterprise wide Risk Management’. The bank also initiated the process of centralizing its back office operations during the year.
Source: Daily News, reported from Dar es Salaam, Tanzania
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