Exim Bank records 26 percent growth in assets

The Exim Bank Tanzania Chief Finance Officer Selemani Ponda (centre) stresses a point during a press briefs on the bank’s third quarter performance held in Dar es Salaam yesterday. Looking on at the left is the Exim Bank Tanzania Head of Risk and Compliance David Lusala and the Exim Bank Head of Treasury George Shumbusho (right). Photo by Staff Photographer.

EXIM Bank Tanzania has recorded a yet another significant annual growth in terms of total deposits and assets in the just released published third quarterly results of 2013.

According to the results, Exim Bank recorded a 26% growth for both total deposits and Shareholder’s fund whereas the total asset soared by 25% in comparison to other players in the market.

Speaking during a Press Conference held in Dar es Salaam yesterday, the Exim Bank Tanzania Chief Finance Officer Selemani Ponda said bank’s growth is largely attributed to bank’s operational efficiencies in service delivery.

“We are beginning to benefit from our investment in improved operational efficiencies that ensure customer satisfaction.  We believe we can improve our deposits mix further by targeting relative low cost deposits as we streamline further our operations.

 “We are very pleased with these results which reflect the continued good momentum of our business.  Prospects for the year look good and we have already put in place long term strategies to sustain this performance,” Ponda said

Ponda said the Bank’s total assets grew by 25 percent from TZS 922 Billion in September 2012 to TZS 1.15 trillion in September 2013 thus helping the bank maintain its fifth position among banks in Tanzania in terms of asset and deposits.

“We see increased business opportunities arising out of our subsidiaries in Djibouti and Comoros and we will continue playing an active role to meet their financial needs in all our subsidiaries,” he added.

He added that the bank’s Shareholder’s fund went up by 26% to TZS 136 Billion in September 2013 from TZS 108 Billion in September 2012.     

“The Bank’s fees and commissions income went up by 37% from TZS 16.3 Billion in September 2012 to TZS 22.2 Billion this year as a result of increased volumes in card business, trade finance products and foreign exchange over the last six months,” he added.

The Exim Bank Head of Risk and Compliance David Lusala during the event said his bank will continue to alleviate risk management systems to ensure safety of customers’ money.