Govt receives windfall as TCB tops commercial enterprises with Sh10.7 billion in profit
President Samia Suluhu Hassan talks to Tanzania Commercial Bank (TCB) chief executive officer Adam Mihayo during a handover ceremony of the government dividend, which took place at the Magogoni State House in Dar es Salaam on Tuesday, June 11, 2024. PHOTO|COURTESY
What you need to know:
- The recent event highlighted the role of public institutions and companies in contributing to the national treasury through dividends, reflecting government shareholding.
Dar es Salaam. The Tanzania Commercial Bank (TCB) received recognition for its impressive first-quarter (Q1) performance, marked by a significant net profit of Sh10.7 billion.
This recognition highlights the bank's significant progress in its ongoing transformation efforts.
The recognition ceremony took place on Tuesday, June 11, 2024, at the Magogoni State House during the handover of government dividends to President Samia Suluhu Hassan.
It highlighted the role of public institutions and companies in contributing to the national treasury through dividends, reflecting government shareholding.
During the event, the government received a whopping Sh637 billion in dividends and contributions from different public institutions and companies.
Of the total handed-over funds, Sh279 billion came from commercial enterprises, while the remaining Sh358 billion was contributed by other public institutions.
Speaking during the event, Treasury Registrar (TR) Nehemia Mchechu said the funds were collected between July 2023 and May 2024, noting that the total collections are expected to reach Sh850 billion by the end of this month (June).
TCB chief executive officer Adam Mihayo affirmed, saying, “As TCB Bank, we are grateful to the TR office for allowing us to participate and witness this fundamental event, hence fueling us to further propel our transformation journey as we seek to be the leading bank through understanding the needs of Tanzanians.”
“Our steady growth is fuelled by our unwavering commitment to excellence and our relentless pursuit of customer satisfaction. As we continue on this trajectory of success, we remain dedicated to delivering innovative, tailored financial solutions that foster economic growth and the overall prosperity of our people,” he added.
In his comments, Mr Mchechu urged institutions that owe money, those that have made partial payments, and those that haven’t contributed at all to complete their payments.
“Contributing to the government is not voluntary or charity; it is a mandatory obligation,” noted Mr Mchechu.
He said at least 145 organisations have contributed during this period, which is 36 more as compared to 109 that contributed last year.
