Tanzania Postal Bank makes 1.88bn/- profit in Q3

Tanzania Postal Bank (TPB), has registered profit of 1.88bn/- in the quarter of September this year compared to 1.15bn/- posted in the corresponding quarter 2014. 

Similarly, the TPB posted outstanding profit for September 2015 of 6.35bn/- up from 5.07bn/- recorded in the corresponding period last year.

According to the bank’s financial statements published in Dar es Salaam yesterday, net interest income for the period under review jumped to 9.09bn/- compared to 7.23bn/- registered in the corresponding period a year before.

Cumulatively, the bank posted net interest income worth 25.23bn/- in September 2015, compared to 20.97bn/- of the corresponding period a year before.

During the period, loans, advances and overdraft increased to 247.58bn/- compared to 241.51bn/- posted in the quarter of June 2015.

Gross loans and advances to total deposits grew by 85.20 per cent compared to the growth of 88.95 per cent in the quarter of June 2015. Similarly loans and advances to total assets grew by 70.51 per cent compared to the growth of 72.39 per cent in the previous quarter.

The bank managed to maintain low non-performing loans to total gross loans to 3.35 per cent same as in the preceding quarter. Furthermore, customer deposits increased to 294.33bn/- in the quarter under review compared to 263.66b/- of the previous quarter.

Deposits from other banks and financial institutions slowed to 4bn/- compared to 14.2bn/- of the preceding quarter. The government is the majority shareholder of the TPB owning 9,228,565 shares (83 per cent), Tanzania Postal Corporation (TPC), 1,113,217 shares (10 per cent).

Others are the government of Zanzibar which posessed 397,029 shares (3.6 per cent) and Tanzania Posts and Telecommunication Savings and Credit Cooperatives Society Limited 348,450 shares (3.1 per cent).

As part of the financial sector reform, Tanzania Postal Bank was established by the Tanzania Postal Bank Act No.11 of 1991 as amended by Act No.11 of 1992.

It was established as a successor to the Tanganyika Post Office Savings, which was established by the Post Office Savings Bank Ordinance of 1925 and became operational in 1927.
Source: dailynews.co.tzDaily News, reported from Dar es Salaam, Tanzania
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