Bank of Africa Tanzania (BoT)
BoT Managing Director Ammish Owusu-Amoah attributed the impressive performance to increased earnings from net interest income, fees and commissions coupled with improved yields from Treasury products.
“The financial performance of the Bank in the year 2013 has been good since we have continued to be among the most profitable banks in Tanzania,” he said.
According to him, BoT increased its presence in the retail segment of the market thanks to a score of initiatives and products launched to cater for personal and consumer banking.
“The future of my bank remains favourable, backed by Tanzania’s strong domestic economic growth of around 7.0 per cent. Our management theme for the year 2014 is to deliver robust growth for banks’ performance, capacity building for staff and quality service for customers,” he stressed.
He said with the new structure and new products, BoT is confident of providing more solutions to serve the needs of retail and enterprise customers as well as increase operational efficiency.
Owusu-Amoah further said BoT introduced tailor-made products for both the public and private sector employees, school fees loans and special packages for unbanked business communities.
“These initiatives were geared at offering a wide array of financial services and solutions to our retail banking customers,” he explained.
In 2013 economic and monetary policies of the government of Tanzania continued to focus on sustaining macroeconomic stability and growth through implementation of a Five-Year Development Plan.
Inflationary pressure eased progressively to a single digit in March 2013 after staying in double digits for 21 months, reaching 5.6 in December 2013.
This development was a result of improved food supply, fiscal consolidation and a tight monetary policy stance engineered by BoT.
Currently, there are more opportunities for growth in Tanzania with the licensing of seven blocks for oil and gas exploration now underway. These good economic conditions often translate into an attractive market growth for deposits and loans.
SOURCE:
THE GUARDIAN
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