BRUSSELS, 6 May 2015 – The Tanzania Postal Bank profitability level has crossed the ten billion shilling mark, after it increased by almost 50 per cent since the institution was established some two decades ago. More precisely, the bank has reported a historic pre-tax profit of TZS10.28 billion in 2014 compared to TZS6.99 billion recorded in 2013.
The key points to understand this success were explained by the Chief Executive Officer Sabasaba Moshingi in a press conference: “The achievement was the result of innovation on our lending products, our cooperation with pension funds and good customer relations”.
Among other figures, the launch of the new retired lending scheme has provoked the growth of the bank lending portfolio by almost 60 per cent to reach 190.01 billion from TZS119.73 billion in 2013. The assets also grew by 48 per cent to TZS297.76 billion in 2014. At the end of this year, the bank had 28 branches, 22 mini branches while ATMs climbed to 30 countrywide.
In 2014, the bank set aside TZS150.00 million for corporate social responsibility aimed to health, education, school desks, street children centres and building primary schools toilets.