TIB Corporate in Sh842m profit after clearing losses
TIB Corporate managing director Frank Nyabundege speaks at a past event. PHOTO | FILE
What you need to know:
The third quarterly financial statement which was published yesterday showed that the TIB Corporate Bank had reduced annual losses twelve times to Sh223 million during the year ending September from Sh2.8 billion the same period last year.
Dar es Salaam. TIB Corporate Bank has cleared the quarterly losses to make a profit of Sh842 million during the third quarter of this year, from a loss of Sh1.29 billion recorded during a similar quarter last year.
The improvements were recorded on both interest and non-interest income, fees and commission and foreign currency dealing, while the interest expenses fell by 30 per cent to Sh2.5 billion during the third quarter of this year from Sh3.5 billion recorded in 2017.
The bank quarterly financial statement for Q3, 2018 has shown that interest income gained to Sh7.7 billion in Q3, 2018 from Sh5.9 billion recorded during similar quarter of last year.
The bank also managed to reduce other operating expenses to Sh2.1 billion from Sh2.4 billion respectively. This reduction resulted into a growth of operating income to a profit amounting Sh1.2 billion during the third quarter of this year from a loss of Sh1.8 billion recorded during a similar quarter of last year.
However, the cumulative annual losses also fell 12 times to Sh223 from a loss of Sh2.8 billion.
Speaking to The Citizen yesterday, the bank’s managing director, Mr Frank Nyabundege, said the bank was still young and, thus, it would take a little time to break even.
The bank was established in 2015 after the split of former Tanzania Investment Bank (TIB).
Mr Nyabundege said the financial institution had generated profit through lending and support to the industrialisation agenda, whereby a total of Sh200 billion had been released to various sectors.
“We will clear the annual losses by this month. As you can see we have only a loss of Sh233 million on our books of account, considering that we record an average profit of Sh400 million per month, which make us believe we are on a good track,” he said.
TIB Corporate Bank Limited (TIB- CBL) is a fully fledged commercial bank owned by the government.
As a commercial bank, TIB CBL receives and accepts deposits, makes collections, invests, lends money and conducts any other related commercial banking services.
