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Exim Bank (Tanzania) posts Shs 7.9bn net profit
2007-07-08 09:55:28
By Michael Mbiro
Exim Bank`s profits have risen by nearly 50 per cent from last year`s Shs 5.42 billion in 2005 to Shs 7.94 billion.
The bank, has also registered an impressive jump in deposits which rose up to Shs 221.3 billion in the same year from Shs 179.2 billion in 2005, an increase of 23.5 per cent.
The bank`s 2006 Annual Report which unveils the financial results also shows that the bank`s loan portfolio swelled to Shs 123 billion last year from Shs 98.9 billion registered in the preceding year.
The total asset base rose from Shs 214.9 billion in 2005 to Shs 267 billion in 2006, registering a 24.2 per cent growth rate.
The bank attributed the increased market share and customer base to expansion of its branch network from eight to ten full-fledged branches.
The bank opened two more branches in Dar es Salaam namely Hill Park, at the Mlimani City along Sam Nujoma Road and Temeke.
Plans are also afoot to open a second branch in Arusha and a branch in Mbeya, Iringa and Zanzibar and make a total number of branches to 14.
The bank which is now positioned among a group of large banks in the country has ably searched for new and best products and services for its customers in order cater for their needs and make banking with it a rewarding experience.
Exim Bank introduced MasterCard Credit Cards and the cardholders can now shop online, avail up to 45 days free credit facility on purchases made across the world without any finance charges being levied to their card accounts. Exim Bank MasterCard holders enjoy the use of the card in more than 125 countries worldwide.
``At Exim, we are customer centric, we thus work hard to offer the right products to our customers to suit their needs,`` the bank\'s Managing Director, Sabetha Mwambenja says.
The Exim Bank`s Chairman, Yogesh Manek, on his part prays for economic growth of the recent past to maintain the upward trend this year.
``Exim Bank on the other hand, will continue with its vigor in branch expansion plans, innovation of new products/services and improved customer service, in order to achieve even better performance,`` he says in his statement in the annual report.
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