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TPB profit surges by five pc

TPB Bank net profit has slightly increased by 5.0 per cent in quarter two of this year impacted by dropping of non-interest income.

The lender, which is in the top ten lists, said the net profit climbed slightly to 3.7bn/- in three months to June from 3.52bn/- in three months to March.

The statement issued on Wednesday showed that net income interest increased almost 9.0 per cent to 21.33bn/- from 19.59bn/- of the previous quarter.

The net income up surged as the result of increasing the loan portfolio that ballooned to 603.21bn/- at the end of June, from 435.8bn/- at end of March.

The assets grew 56 per cent to 1.02tri/- from 657.56bn/-. The growth pushed the lender to the club of banks with over 1.0tri/- assets.

The loan portfolio growth was supported by customer deposits increase that climbed up almost 60 per cent to 708.28bn/- from 449.39bn/-.

On the other hand, non-interest income dropped to 5.37bn/-, from 7.28bn/- pushed down by fees and commissions that slid 40 per cent in three months.

TPB operating expenses increased by 5.0 per cent, inching up mainly after adding seven branches in three months.

The bank operating expenses increased to 19.03bn/- from 18.01bn/- while the number of branches shot from 36 to 43.

However, TPB non-performing loans book ballooned to 15.04 per cent at end of June from 5.56 per cent in March. In 2018, TPB merged with Twiga Bancorp and Tanzania Women’s Bank.

TPB’s original focus at inception was providing financial services to the common ‘wananchi’, and this has now evolved to focus on promoting financial inclusion and empowering Tanzanians by helping them develop a saving culture and access to credit.

In 2017, the lender changed its name from Tanzania Postal Bank to TPB Bank and is fully-owned by the government. And in the same year, TPB transformed in public limited company as preparation to list on Dar es Salaam Stock Exchange (DSE).

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Author: DAILY NEWS Reporter

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