Akiba Bank raises gains to shareholders

Bank Of Tanzania (BoT)

DAILY NEWS Reporter

The dividend is up from 30/- per share given to shareholders out of profit made in 2014 being the second consecutive year the bank pays dividends to shareholders.

“This is clear demonstration of confidence in the strength of the Bank’s balance sheet and sustainable profitable trend,” said Managing Director, Israel Chasosa in a statement yesterday.

“In deciding on the amount of dividend to be paid to the shareholders, the Board always tries to balance between maximizing shareholder value as well as the need to plough back funds into the company for future and sustainable business growth,” he said.

According to the audited financial statement for the year 2015 Akiba Commercial Bank continued to witness increased activity on the loan book which grew from 77.2bn/- in December 2014 to 107.3bn/- in December 2015 as a result of intensified marketing effort by staff.

The Bank recorded total assets of 163.7bn/- from 135.3bn/- as at December 2014 with core capital increasing from 16bn/- in December 2014 to 19.3bn/-. The bank’s earnings per share have also increased from 400/- in 2014 to 466 in 2015.

The Managing Director highlighted that the year 2015 was marked with a lot of transformation through innovating and repositioning some of the Bank’s products and services.

“Akiba Commercial Bank is operating in a highly competitive environment with well over 50 commercial banks and numerous microfinance/community banks.