{"id":108474,"date":"2024-04-10T20:54:28","date_gmt":"2024-04-10T20:54:28","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1"},"modified":"2024-04-10T21:55:13","modified_gmt":"2024-04-10T21:55:13","slug":"tcb-net-profit-surges-by-529-per-cent-in-q1","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1","title":{"rendered":"TCB net profit surges by 529 per cent in Q1"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>DAR ES SALAAM<\/b>: TANZANIA Commercial Bank (TCB)\u2019s net profit has surged by 529 per cent in this year\u2019s first quarter, attributed to increased revenue.<\/p>\n

The bank\u2019s robust performance revealed yesterday showed the profit after tax increased to 10.7bn\/- from 1.7bn\/- registered in a similar period last year.<\/p>\n

TCB\u2019s Chief Executive Officer (CEO), Mr Adam Mihayo (pictured) said during the performance briefing of the bank organised by Treasury Registrar Office that, \u201cThe steady growth is underpinned by robust balance sheet and stable growth momentum in all revenue lines.\u201d<\/p>\n

He added, \u201cIt is fuelled by unwavering commitment to excellence and the relentless pursuit of customer satisfaction.\u201d<\/p>\n

Additionally, profit before tax climbed up to 13.6bn\/- at the end of quarter one (Q1) from 3.0bn\/- recorded in a similar period last year, equivalent to 353 per cent year on year.<\/p>\n

The lender assets growth of 1.4tri\/- until the end of Q1 this year is attributed to strong revenue growth across all business segments and stable balance sheet over the period under review.<\/p>\n

The total revenue, as revealed at the media briefing, showed that the bank\u2019s revenue increased by 30 per cent to 56.8bn\/- in the first quarter from 43.7bn\/- recorded in a similar quarter last year.<\/p>\n

Additionally, the lender\u2019s customer deposits increased by 12 per cent to 1.16tri\/- from 1.03tri\/- recorded in the same period last year, signifying customer\u2019s continued confidence in the bank.<\/p>\n

On top of that, the total loans portfolio during the period under review soared by 15.4 per cent to 983.6bn\/- in three months until the end of March this year from 852.2bn\/- that the bank registered in the same period last year.<\/p>\n

Mr Mihayo also highlighted the non-performing loans (NPLs) that stood at 3.97 per cent which is below the central bank\u2019s threshold of 5.0 per cent.<\/p>\n

\u201cThis percentage indicates the portion of loans in the bank\u2019s portfolio that are at risk or are already delinquent,\u201d said Mr Mihayo.<\/p>\n

He added, \u201cAs we continue with this trajectory of success, we remain dedicated to delivering innovative financial solutions and contributing to the prosperity of the people.\u201d<\/p>\n

TCB\u2019s total expenses incurred during the quarter stood at 43.2bn\/- marking a 6.1 per cent increase compared to 40.7bn\/- incurred in a similar period last year while total operating expense rose marginally by 1.13 per cent to 26.8bn\/- at the end quarter from 26.5bn\/- registered in the same period last year.<\/p>\n

Mr Mihayo affirmed that the bank is committed to accelerating efforts in implementing the strategy that focused on driving operational efficiencies and progressively managing cost to income ratio downwards despite the marginal increase for the period.<\/p>\n

TCB attributed its record profitable growth to continuous prioritisation of the value and sustainable growth of Micro, Small and Medium-sized Enterprises (SMEs) in the country.<\/p>\n

In addition to the SMEs driven focus, the lender leveraged on digitisation of banking solutions which offer efficiency, convenience and ease of transaction ability.<\/p>\n

Mr Mihayo also stressed on the bank\u2019s initiative to support the retirees that up to date, the lender has loaned a tune of 700bn\/- to empower them.<\/p>\n

Furthermore, to extend the bank\u2019s optimism to support the SMEs, Mr Mihayo noted that TCB has set aside 300bn\/- to support them financially.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. DAR ES SALAAM: TANZANIA Commercial Bank (TCB)\u2019s net profit has surged by 529 per cent in this year\u2019s first quarter, attributed to increased revenue. The bank\u2019s robust performance revealed yesterday showed the profit after tax increased to 10.7bn\/- from 1.7bn\/- registered in a similar period last year. TCB\u2019s Chief Executive Officer (CEO), […]<\/p>\n","protected":false},"author":84,"featured_media":108473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,711],"class_list":["post-108474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTCB net profit surges by 529 per cent in Q1 - Tanzania<\/title>\n<meta name=\"description\" content=\"DAR ES SALAAM: TANZANIA Commercial Bank (TCB)\u2019s net profit has surged by 529 per cent in this year\u2019s first quarte ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCB net profit surges by 529 per cent in Q1\" \/>\n<meta property=\"og:description\" content=\"DAR ES SALAAM: TANZANIA Commercial Bank (TCB)\u2019s net profit has surged by 529 per cent in this year\u2019s first quarte ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-10T20:54:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-10T21:55:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/04\/sm_1712769053.184924.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"470\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"TCB net profit surges by 529 per cent in Q1\",\"datePublished\":\"2024-04-10T20:54:28+00:00\",\"dateModified\":\"2024-04-10T21:55:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\"},\"wordCount\":572,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/04\/sm_1712769053.184924.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tcb-net-profit-surges-by-529-per-cent-in-q1\",\"name\":\"TCB net profit surges by 529 per cent in Q1 - 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