kennedy0000
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Eximbank EA to enter Ethiopia
Eximbank EA to enter Ethiopia
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Geza Ulole
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Exim Bank continues to soar with large asset base spread across Africa
According to the recently published results, Group’s total assets stood TZS 1.6 Trillion ($700.34 million) with growth driven by increase in customer deposits.
by Kawira Mutisya
April 30, 2018 in Banking
Exim Bank continued to maintain its positioning as 5th largest Bank in terms of asset base, driven by the increase in customer deposits.
That is according to recently published financial results which showed that the bank assets stood at around TZS 1.6 trillion.
The bank wholly owns subsidiaries in two African countries of Djibouti and Comoros, and these operations recorded superlative performance with best-ever profits.
Exim Bank is now ranked fourth and second in those respective territories.
Performance of the Bank’s Tanzania operations has been stable on the top line; however, the bottom line was impacted due to the higher provisioning of the impaired assets.
Exim Bank, with a step towards its preparedness to the newly introduced norms of accounting effective from January 2018 viz. IFRS9 had made higher provisions to the tune of TZS 29 Billion during the year 2017 as compared to TZS 2 Billion during the previous year (2016).
Speaking in Dar es Salaam yesterday, the Acting Chief Executive Officer of Exim bank Seleman Ponda said, the bank also had written off impaired assets worth TZS 3.35 Billion, in compliance with regulatory guidelines.
Bank’s operating profits stood at TZS 39 Billion. With increased provisions, the bank Profit before tax was adjusted to TZS 9.6 Billion.
“It is important to note that the bank had extraordinary gains to the tune of TZS 46 Billion in the year 2016 due to (one off) sale of its equity stake in one of the local entities in the Country,” he said.
The bank has further planned to write off a major chunk of its impaired assets during the first quarter of 2018 in compliance with the newly introduced guidance from the central bank. This will help reduction in bank’s impaired assets portfolio from 14.63% to 8.95% as at end of March 2018.
The Bank Acting Group CEO reaffirmed the Bank’s endeavor to continue improving the quality of loan portfolio to the target of below 5% by December 2018.
Ponda said the Group recorded a 7% growth in Net interest income to TZS 97 Billion, driven by earning asset book growth, better yields and contained the cost of funds despite increasing non-performing asset book which was subsequently written-off.
Non-funded income; foreign exchange income, as well as fees and commission income, recorded reasonably annual growth of 24% and 12% to TZS 12 Billion and 37 Billion respectively driven by increased volumes of transactions in all of the channels.
“Thanks to guaranteed turnaround time and good service delivery across our networks”, Acting Group CEO said.
Group’s total shareholders’ fund maintained @TZS 231 Billion as at Dec. 2017 while core capital improved to TZS 162 Billion (2016: TZS 156 Billion) which is far more than 10 times required level for the bank without foreign subsidiaries while the capital adequacy ratios as at 31st December 2017, Tier I and Tier II ratios were at 17.34% and 19.32%, well above the minimum regulatory requirement of 12.5% and 14.5% respectively.
Exim Group, one of the largest indigenous banks in the country, has been making sustained investments in technology for the last 3 years.
The Bank has seen these investments starting to pay off. The bank has been able to make a niche in the Corporate and SME sector having introduced its Cash Management Solution during the year. Bank’s
exclusive ‘Cash Deposit Machines’ on/off-site and handy Cheque scanners are considered as the favorites amongst Corporates for their ease of use, accuracy, speed & safety of transactions.
He added, Djibouti and Comoros recorded a robust performance during the year with net profit (before management fees) @TZS 4.8 Billion and TZS 6.5 Billion respectively during the year. The profits were driven by well-diversified sources of income – interest income and non-funded income streams – FX trading and transaction banking and commissions on fund transfers. Return on equity to these two subsidiaries was far above the normal returns @50% and 40% for Djibouti and Comoros respectively.
The Group audited financials indicate that net loans and advances were up by 9% from TZS 838 Billion to TZS 912 Billion during 2017; loan portfolio is fairly diversified across sectors, reflecting the variety of the Tanzanian economy and its buoyant private sector.
The loans and advances were largely financed by customer deposits with focus on low costs sourcing, driven by cash management solutions we provide to our customers range from digital products which include internet banking, cash scanning, cash deposit machines, etc. to door-to-door cash pickups. The customer deposit based recorded a reasonable growth of 7% above a Trillion mark @TZS 1.2 Trillion.
“There was growth posted by the Bank’s Group, in all parameters viz. Core capital, Assets, Deposits, Loan Book and operating income”, stated Mr. Ponda, at the press conference held at Bank’s Head Quarters, Exim Tower Dar es Salaam.
Partnering TANAPA, the bank has been a pioneer in introducing automated collections at its coveted national parks.
The Bank has up in its sleeves several digital-based products lined up for roll out during the year 2018 aiming to improve the customer experience.
Exim Bank continues to soar with large asset base spread across Africa
kennedy0000
JF-Expert Member
- Apr 14, 2012
- 4,349
- 3,745
Exim Bank continues to soar with large asset base spread across Africa
According to the recently published results, Group’s total assets stood TZS 1.6 Trillion ($700.34 million) with growth driven by increase in customer deposits.
by Kawira Mutisya
April 30, 2018 in Banking
Exim Bank continued to maintain its positioning as 5th largest Bank in terms of asset base, driven by the increase in customer deposits.
That is according to recently published financial results which showed that the bank assets stood at around TZS 1.6 trillion.
The bank wholly owns subsidiaries in two African countries of Djibouti and Comoros, and these operations recorded superlative performance with best-ever profits.
Exim Bank is now ranked fourth and second in those respective territories.
Performance of the Bank’s Tanzania operations has been stable on the top line; however, the bottom line was impacted due to the higher provisioning of the impaired assets.
Exim Bank, with a step towards its preparedness to the newly introduced norms of accounting effective from January 2018 viz. IFRS9 had made higher provisions to the tune of TZS 29 Billion during the year 2017 as compared to TZS 2 Billion during the previous year (2016).
Speaking in Dar es Salaam yesterday, the Acting Chief Executive Officer of Exim bank Seleman Ponda said, the bank also had written off impaired assets worth TZS 3.35 Billion, in compliance with regulatory guidelines.
Bank’s operating profits stood at TZS 39 Billion. With increased provisions, the bank Profit before tax was adjusted to TZS 9.6 Billion.
“It is important to note that the bank had extraordinary gains to the tune of TZS 46 Billion in the year 2016 due to (one off) sale of its equity stake in one of the local entities in the Country,” he said.
The bank has further planned to write off a major chunk of its impaired assets during the first quarter of 2018 in compliance with the newly introduced guidance from the central bank. This will help reduction in bank’s impaired assets portfolio from 14.63% to 8.95% as at end of March 2018.
The Bank Acting Group CEO reaffirmed the Bank’s endeavor to continue improving the quality of loan portfolio to the target of below 5% by December 2018.
Ponda said the Group recorded a 7% growth in Net interest income to TZS 97 Billion, driven by earning asset book growth, better yields and contained the cost of funds despite increasing non-performing asset book which was subsequently written-off.
Non-funded income; foreign exchange income, as well as fees and commission income, recorded reasonably annual growth of 24% and 12% to TZS 12 Billion and 37 Billion respectively driven by increased volumes of transactions in all of the channels.
“Thanks to guaranteed turnaround time and good service delivery across our networks”, Acting Group CEO said.
Group’s total shareholders’ fund maintained @TZS 231 Billion as at Dec. 2017 while core capital improved to TZS 162 Billion (2016: TZS 156 Billion) which is far more than 10 times required level for the bank without foreign subsidiaries while the capital adequacy ratios as at 31st December 2017, Tier I and Tier II ratios were at 17.34% and 19.32%, well above the minimum regulatory requirement of 12.5% and 14.5% respectively.
Exim Group, one of the largest indigenous banks in the country, has been making sustained investments in technology for the last 3 years.
The Bank has seen these investments starting to pay off. The bank has been able to make a niche in the Corporate and SME sector having introduced its Cash Management Solution during the year. Bank’s
exclusive ‘Cash Deposit Machines’ on/off-site and handy Cheque scanners are considered as the favorites amongst Corporates for their ease of use, accuracy, speed & safety of transactions.
He added, Djibouti and Comoros recorded a robust performance during the year with net profit (before management fees) @TZS 4.8 Billion and TZS 6.5 Billion respectively during the year. The profits were driven by well-diversified sources of income – interest income and non-funded income streams – FX trading and transaction banking and commissions on fund transfers. Return on equity to these two subsidiaries was far above the normal returns @50% and 40% for Djibouti and Comoros respectively.
The Group audited financials indicate that net loans and advances were up by 9% from TZS 838 Billion to TZS 912 Billion during 2017; loan portfolio is fairly diversified across sectors, reflecting the variety of the Tanzanian economy and its buoyant private sector.
The loans and advances were largely financed by customer deposits with focus on low costs sourcing, driven by cash management solutions we provide to our customers range from digital products which include internet banking, cash scanning, cash deposit machines, etc. to door-to-door cash pickups. The customer deposit based recorded a reasonable growth of 7% above a Trillion mark @TZS 1.2 Trillion.
“There was growth posted by the Bank’s Group, in all parameters viz. Core capital, Assets, Deposits, Loan Book and operating income”, stated Mr. Ponda, at the press conference held at Bank’s Head Quarters, Exim Tower Dar es Salaam.
Partnering TANAPA, the bank has been a pioneer in introducing automated collections at its coveted national parks.
The Bank has up in its sleeves several digital-based products lined up for roll out during the year 2018 aiming to improve the customer experience.
Exim Bank continues to soar with large asset base spread across Africa
Profit before tax ya TSh 9.6 billion.
That's about KSh500 million. Bado kufika ya KCB international.
Chizi Jambazi
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Bank M is dying, they were cooking books..save ur breath
Bottas
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Bank zenyu zote zikija kenya zitakuwa saccos,bank yenyu ile kubwa haiwezi pata nafasasi top ten huku kenya kwa faida
thisdayes
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Wewe unajidai na mishahara ya wanaume wenzako!! BTW ata Uhuru analipwa zaidi ya Magu ila ukipima perfomance ni ardhi na mbingu! Uhuru is paid handsomely just to explore the world and drink anything that has alcohol
kennedy0000
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Uhuru/Jubilee has built over 7000 km of tarmac.
Makufuli has built less than 500km.
Nairobi imejenga flyover zaidi ya ishirini. Dar mnasherehekea flyover ya kwanza 2018.
Development inayoendelea Kenya na Tanzania ni kama day and night. We just don't go announcing.
In terms of infrastructure, Tanzania mkashindane na Burundi.
Mliambiwa very clearly. Since 2010, for every kilometre Tanzania builds, Kenya builds 5.
Geza Ulole
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Which 7000km? I guess dr Ndii isn't hearing u! Can u please list those roads plus respective length?
Emc2
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Nimegundua vijana wanaojiita CHADEMA ni vijana wa Kenya. Inashangaza sana. Sijui hawa wakenya tabia zao zikoje!! Wewe jaribu kufuatilia tu, kwenye mitandao wamejaa kweli. Lakini ikija kwenye kampeni live hawaonekani. Ngoja tuanze kuwasaka sasa. Fuatilia hizi tabia zao kwenye jukwaa hili utaziona zinafanana kabisa kwenye majukwaa yote. Kwenye twitter, FB, Instagram. Sijui huu ujinga wataacha lini.
henry kilenga
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Tutaunua sacco ishirini kenya na tutanunua bank kubwa uhabeshini ili kutanua soko
Tumeingia uchumi wa kati kwa kishindo
Bottas
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thisdayes
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Kennedy zero jiepushe kutoa namba mfukoni nakuzitaja mbele ya watu wazima. We know una element ya zeros in you ila uki endelea hivyo ata Kennedy ita ondoka itabaki zero zero tu. Get informed Kennedy zero
Mkikuyu- Akili timamu
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Kwa hivyo kazi ya Rais ni kujenga barabara? Yeye ni contractor?
Kazi ya JPM inaonekana
1)Most Inclusive economy in africa
2)7.2% GDP growth, Higher GDP ppp and GNI Than kenya
3)Lowest Debt to GDP ration in East Africa
4)Massive infrastruture investments
5)Restructuring the Mining sector
Baki hapo na propaganda za jubilee huku kila siku bridge zina anguka na mnachora BRT ONLY.
senzi types
kennedy0000
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There are so many. Majority of which don't even make headlines.
From what I've gathered, everyone in Kenya knows of a road construction happening somewhere within their vicinity.
kennedy0000
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Roads are just one aspect.
Already Kenya is at 60%+ electricity connectivity, up from 27% a few years ago.
Things in the two countries are like day and night.
A Kenyan teacher earns triple what a Tanzanian teacher earns. A Kenyan doctor earns 4 times what a Tanzanian doctor earns.
The other day we had about $200 million. Instead of buying a dreamliner, we built the Outering road in Nairobi. A highway that has like 3 of those flyovers Bongolala is celebrating currently.
Mkikuyu- Akili timamu
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Thats why we use Agregate indexes to measure performance.
e.g GDP growth, corruption index, economic inclusivity index, debt to GDP ratio, FDI per year, balance of payments, Exports per year, democracy index, peace index.
All of these JPM beats Uhuru by 10-0 yet he rakes in a salary that is 1/10 of uhuru kenyatta.
But harebrains like you point out at electricity as if TZ electrification is not at 70%+ or quote employee salaries as if you dont know the inflation in Tz is 3.5% vs kenya's 16%
thisdayes
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Kabla hujasifia mishahara ya Kenya ukilinganisha na Tz angalia bei za bidhaa na huduma. Kuanzia afya, unga, sukari, Data plans, electricity, cement, land e.t.c. Hii ni moja ya sababu budget ya Tz huwa ni ndogo ukilinganisha na yenu ila ina fanya mambo mengi zaidi
asvptx
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Electricity in TZ is at 33%
92% of TZ roads are UNPAVED
Kenya inflation stood at 6.4% as at last month
I mean, your country is worse than ours. But as always, mtanzagiza ni Nyani asiyeona MK*UNDU wake
Mkikuyu- Akili timamu
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2014 JPM was president of what country? Stale data wount save the nakedness of uhuru. Bring 2017 data on elec connection in Tz 😀
kennedy0000
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It just proves how a low income country you are.