21 April 2014

Tanzania: Standard Chartered Makes Sh39.47 Billion Profit

THE Standard Chartered Bank profit for the year jumped to 39.47bn/- in the year ended December 2013 compared to 35.07bn/- registered in the previous period.

According to an audited financial statements the bank's net interest income which is one of the factors that contributed to an outstanding performance increased to 74.7bn/- in the previous period compared to 57.9bn/- a year before.

From fees and commission, the bank managed to generate 24.02bn/- in December 2013 compared to 22.18bn/- in the preceding period.

The bank's loan growth and disbursement made a significant increment to 576.12bn/- in the period under review compared to 437.65bn/- of the year before.

Lending is one of the core businesses of almost all banks, an opportunity that most banks were looking to invest. Also commercial banks are among the big investors in government securities contributing more than 60 per cent of the total market share.

Furthermore, the year under review saw the bank attracting customer deposits worth 969.4bn/- compared to 888.4bn/- in the year 2012.

Similarly, Standard Chartered Bank net assets made significant increment to 195.9bn/- compared to 192.1bn/- registered in the year 2012.

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