The Tanzania Postal Bank (TPB) has recorded a super-profit (before tax) of 3.8bn/- in the financial year that ended in December last year, which is an increase from 0.8bn/- registered in 2010.
This is an increase of 3bn/-, equivalent to 338 per cent, which the bank describes as a landmark achievement recorded by the state-owned financial institution since its establishment.
Speaking at a press conference in Dar es Salaam yesterday, TPB managing director Sabasaba Moshingi attributed the milestone to effective and efficient management system, teamwork spirit and effective strategies.
On revenue, he said bank’s revenue increased to 24.6bn/- in 2011, up from 20.2bn/- collected in 2010, which is equivalent to an increase of 4.3bn/- (approximately 21 per cent).
He explained that the number of customers increased from 580,000 to 602, 000, which is an increase of 20,000 customers, equivalent to 3 per cent.
The managing director also informed that customer deposits have also increased from 107.3bn/- to 120.9bn/- between 2010 and last year, which is equivalent to 13.6bn/- (13 per cent) increase. Moshingi also said that the bank’s total assets increased to 136.2bn/- last year from 121.3bn/- in the year 2010, which is an increase of 15.0bn/- (equivalent to 12 per cent).
“This historic improvement and increase in profit and general operations are attributed to [customers’] trust they put on this bank by keeping their money with us as well as using our various services such as loans packages and money transfer particularly the Western Union Money Transfer,” he said.
On the way forward, he said, the Bank has put up result-oriented and effective strategies to enable it generate more profits and improve service delivery in its urban and rural branches countrywide.
TPB was established by the Tanzania Postal Bank Act No.11/1991, as amended by Act No.12 of 1992. It was set up as a successor to the Tanganyika Post Office Savings Bank (TPOSB), which was established by the Post Office Savings Bank Ordinance of 1925 and became operational in 1927.