STANDARD Chartered Bank Tanzania Limited registered a pre-tax profit of 47.14bn/- last year up from 36.44bn/-in 2018, which is equivalent to 29 per cent increase.
The Bank also recorded an increase in loans, advances and overdrafts by 11 per cent as the bank’s loans, advances and overdrafts portfolio growing up from 640.12m/-to 712.52m/-quarterly.
The Bank’s Chief Executive Officer (CEO), Mr Sanjay Rughani said in a statement issued in Dar es Salaam on Wednesday that, “We are happy with the results we recorded in 2019 which is the reflection of the strength of our business strategy, driven by our dedicated employs as well as an execution of our commitment to further supporting the growth of our country,” He added.
“The growth in our Loans, Advances and Overdrafts is mainly from our conscious efforts of increased collaboration with our clients in all segments. We also expanded our platforms to provide more convenient banking services to our clients. We, therefore, pride ourselves to remain a trustworthy partner as we continue supporting our stakeholders to better realize their potential.”
Commenting on the impairment losses on loans and advances, the Bank’s Chief Financial Officer, Rayson Foya, said that the Individual and Corporate Units at the bank had had a positive outcome of their recovery strategy, in 2019, which resulted into the good results.
“In 2019 our Business Units worked closely with our clients and agreed on win-win repayment plans which ensured that our clients’ businesses were not impacted. We are happy to note that this recovery strategy has worked well for both parties and we will continue to implement it in 2020,” Foya said.
