TPB Bank Plc commons known as “Benki Popote” has recorded an impressive financial performance of 10.8bn/-in the just ended financial year of December, 2016.
The TPB Bank Chairperson, Professor Lettice Kinunda Rutashobya, told reporters yesterday during the annual general meeting with stakeholders that the bank profitability trend continued improving with a pre-tax profit of 15.7bn/-.
“We have made it through due to a commendable job done by the management and its staff by improving their daily operations and their commitments that fostered the bank’s financial performance,” she said.
Prof Rutashobya added that although they have a small balance sheet and asset compared to other financial institutions in the country, they have managed to come up with an astonishing financial result in the banking history.
She said that the bank plans to issue this year a cash dividend to their shareholders after their discussion with the Bank of Tanzania (BOT) on the proper way to give part of its profits to customers.
“Am very sure that for the first time our stakeholders will be very happy to receive cash dividend as their bank continues to improve their services across the country,” Prof Rutashobya added.
Prof Rutashobya underscored that the bank will continue to restructure itself to cope with economic and business challenges currently facing the banking industry, and they still have faith in the government and the efforts that are being done to improve the economy.
“We are aware of the challenges facing many industries especially the financial sector but this bank is owned by the government, it is our hope that the government will soon address the issues of capital as well as liquidity challenges that the bank is currently facing in order to expand our outreach and improve our financial services,” she noted TPB was the only bank in the country operating under the Act of Parliament contrary to BAFIA, which requires all banks to be incorporated under the Companies Act.
The bank was registered under the Companies act early last year, and went on to change its Logo and name from the former Tanzania Postal Bank to TPB Bank Plc early this year.
During the third quarter in September last year, the bank recorded profits amounting to 1.88bn/ compared to 1.15bn/- posted in the corresponding quarter 2014.