Basic earnings per share also went up to 165.15/- in the first half of this year, compared to 93.45/- recorded during the comparative period. The bank has paid up share capital amounting to 31,000 as at the end of June this year.
On quarterly basis, the bank, which operates in both Tanzania mainland and Zanzibar, offering both conventional and sharia compliant banking services, net profit more than doubled to 14.3bn/- during the second quarter of this year, compared to 6.64bn/- recorded during comparative quarter of last year.
According to unaudited financial statements net interest income jumped to 47.5bn/- during the first six months of this year, compared to 32.5bn/-, while on quarterly basis, the numbers of the same income stream went up to 24.7bn/- compared with 16.4bn/-.
Non-interest income increased 17.6bn/- during the first half of this year, compared to 14.2bn/- in H1, 2022 due to more than doubled fees and commissions, increase of foreign exchange dealing and transaction gains, amid decrease of other operating income.
Fees and commission jumped to 14.5bn/- during the first half of this year, compared with 6.4bn/- recorded during similar period of last year, while foreign exchange dealing and transaction amounted to 2.3bn/- against 1.9bn/- respectively.
The statement shows non-interest expenses increased to 27.2bn/- during the first half of this year, compared with 24.3bn/- in H1, 2022 due to increase of salaries and benefits, fees and commission and other operating expenses.
The statement shows that the bank had also managed to grow its balance sheet, as total assets grew by 20 percent to 1.8trn/- during the second quarter of this year, compared with 1.5trn/-.
The increase was due to more than doubled balance with Bank of Tanzania (BOT), increase in investment in government debt instruments, balance with other banks and financial institutions, lending and other assets.
Balance with BoT more than doubled to 195.2bn/- during the second quarter of this year, compared with 77.6bn/- recorded during the first half of this year, while balance with other banks and financial institutions went up to 178.2bn/- compared with 104.9bn/- respectively.
The balance sheet also shows that the bank’s lending portfolio hit 932.5bn/- during the quarter ended in June, 2023, compared with 866.2bn/- during the first quarter of this year ended in March, while investments in government debt instruments were up to 78.8bn/- compared with68.5bn/- respectively.
The statement shows the bank’s on-performing loans to total gross loans went down to 2.66 percent, far below the regulatory benchmark of 5 percent, compared with 3.14 percent recorded at the end of the first quarter of this year, which indicates efficient credit management.
The bank’s capital, according to the statement reached 166bn/- during the second quarter, higher than 158.9bn/- recorded during the first quarter of this year.
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