People's Bank of Zanzibar posts 2.19bn/- profit Q3

The People’s Bank of Zanzibar (PBZ) has registered an outstanding profit of 2.19bn/- in the quarter of September 2015, compared to 1.58bn/- posted in the corresponding quarter last year.

According to the bank’s financial statements published yesterday, net interest income for the period under review increased to 4.89bn/- compared to 4.66bn/- registered in the corresponding period a year before. 

Similarly, the PBZ posted superb profit for September 2015 of 8.81bn/- up from 5.26bn/- recorded in the corresponding period last year.

Cumulatively, the bank posted net interest income worth 15.72bn/-in September 2015, compared to 13.49bn/- of the corresponding period a year before.

Loans, advances and overdraft in the period under review increased to 242.68bn/- compared to 241.53bn/- posted in the quarter of June 2015. Gross loans and advances to total deposits grew by 63.87 per cent compared to the growth of 65.84 per cent in the quarter of June 2015.

Similarly loans and advances to total assets grew by 53.09 per cent compared to the growth of 54.15 per cent in the previous quarter. The bank managed to maintain low non-performing loans to total gross loans to 1.82 per cent in the quarter under review compared to 1.75 per cent in the preceding quarter.

Furthermore, customer deposits increased to 375.89bn/- in the quarter under review compared to 361.25bn/- of the previous quarter.

The PBZ offers a wide range of current accounts designed to suit almost every customer including the government and its agencies, all types of companies, societies, clubs, associations, NGOs, UN boards, Diplomatic Missions as well as individuals.

The current accounts in both local currencies in local currency and in foreign currencies namely Sterling Pounds (GBP), Euro and US Dollar).

PBZ is the largest financial institution on the Isles, wholly owned by the Revolutionary government of Zanzibar and was founded in 1966.

In December 2011, the bank launched an Islamic bank window, in addition to the conventional banking services that it offers. It deals with retail banking, serving individuals, small and medium enterprises (SMEs) as well as corporate clients.
Source:Daily News, reported from Dar es Salaam, Tanzania
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