StanChart Tanzania records 28% jump in pre-tax profit for the year 2019

TANZANIA – Standard Chartered Bank Tanzania has recorded an increase of pre-tax profit by 28 percent to TSh46 billion (US$19.88m) in 2019, up from the TSh36.44 billion (US$15.75m) recorded in 2018. 

The bank’s audited annual financial results confirm that the performance has matched what the bank has declared and published earlier in the year. 

“This set of results is a reflection of the strength of our business strategy driven by dedicated employees, and the execution of our commitment to further support growth of our country,” the bank’s chief finance officer, Mr Rayson Foya, said in a statement. 

The financial results also show that the bank recorded an increase in loans, advances and overdrafts by 11 percent, rising to TSh712.36 billion (US$307.9m) from TSh640.48 billion (US$278.84m). 

Mr Foya said the growth in loans, advances and overdrafts was mainly from the bank’s conscious efforts of increased collaboration with loyal clients in all segments. 

“In 2019 our business units worked closely with our clients and agreed on win-win repayment plans which ensured that our clients’ businesses were not impacted. We are happy to note that this recovery strategy has worked well for both parties and we will continue to implement it in 2020.” Mr Foya noted. 

He said the bank also recorded “a significant achievement in the recovery of impaired loans and advances for the year.” 

Regarding impaired loans and advances, Mr Foya said the Individual and Corporate Units at the bank had a positive outcome of their recovery strategy in 2019, which had good results. 

The statement further shows that customer deposits also grew by 13 percent, to TSh1.10 trillion (US$475.47m) from TSh965.85 billion (US$17.48m). 

“We also expanded our platforms to provide more convenient banking to our clients. We, therefore, pride ourselves in remaining a trustworthy partner, supporting our stakeholders to better realize their potential,” Mr Foya said. 

He also highlighted the success of the bank’s digital strategy, revealing that the launch of its revolutionary full digital bank on mobile in February in 2019 has enabled the bank to grow exponentially in terms of additional new clients. 

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