Tanzania Daily News (Dar es Salaam)

Tanzania: Standard Chartered Posts Sh50.7 Billion Profit

THE Standard Chartered Bank (Tanzania) Limited has posted 50.74bn/- pre-tax profit in the year ending December 2012, up from 47.79bn/- recorded in 2011.

According to the Bank's Financial Statement, net profit jumped to 35.52bn/- in the period ending December last year compared to 33.45bn/- registered in 2011. The interest income climbed to 85.62bn/- in the period under review compared to 58.15bn/- recorded in the corresponding period of the year earlier.

However, the non interest income made a slight decline to 50.19bn/- from 54.05bn/- registered in the year before that could have been contributed by about 17.23 per cent fall of fees and commission. The total assets value edged up to 1.36tri/- in the period under review compared to 1.34tri/- of the previous year. During the period, the bank recorded loans, advances and overdrafts worth 438.58bn/- compared to 576.71bn/- of the year before.

Also a total of 886.16bn/- was collected as customer deposits while the registering a sum of 902bn/- in the previous period. Similarly, the bank's non performing loans to total gross loans are 5.5 per cent which is above industry benchmark of 5 per cent.

