Azania Bank pre-tax profit dips by 49pc
Azania Bank managing director Charles Itembe speaks at a past event. The bank’s pretax profit fell by 49 per cent during the fourth quarter of last year. PHOTO|FILE
What you need to know:
- The financial statement ended December last year shown that the profit after tax for Azania Bank Limited declined to Sh1.3 billion during the fourth quarter of last year from Sh2.7 billion in the similar period in 2017.
Dar es Salaam. Azania Bank’s pretax profit fell by 49 per cent during the fourth quarter of last year, down from a similar period in 2017.
According to a financial statement released yesterday, pretax profit amounted to Sh1.3 billion during the fourth quarter of last year, down from Sh2.7 billion during the fourth quarter of 2017.
The statement showed that the bank reduced its rate of non-performing loans to 6.19 per cent in the last quarter of 2018, from 7.26 per cent in the previous quarter.
The decline in the profit was attributed to a decrease in the operating profit to Sh1.9 billion during the fourth quarter of last year from Sh3.3 billion during a similar period in 2017.
The Bank of Tanzania (BoT) authorised a merger of Bank M and Azania Bank Ltd, with effect from January 2, this year.
The Bank M was under statutory management of the Bank of Tanzania (BoT) from August 2, 2018 following a liquidation challenge.
The merger has enabled Azania Bank to become the leading mortgage lender in terms of market share.
The report by BoT has shown that after the merger, Azania Bank now accounts for 22 per cent of the mortgage market share, with a combined portfolio of Sh78 billion.
