Thursday, October 27, 2016

TADB posts profit in Q3

DAILY NEWS Reporter
TANZANIA Agricultural Development Bank (TADB) has registered positive trend in the current year to September after posting 1.78bn/- net income compared to a negative growth of 1.10bn/- in the corresponding period in 2015.

According to the bank’s financial statement, net income after tax slowed to 490m/- in the quarter ended September compared to 499m/- in the quarter ended June, this year. The statement shows that net interest income increased to 7.09bn/- compared to 2.67bn/- in the comparative year 2015.
The bank has recorded outstanding performance in just one year of its operations since its launch in August, last year. Loans and advances to total deposits increased by 4 per cent in the quarter ended September to 2.56bn/- compared to increment of 3 per cent to 2.08bn/- in the previous quarter to June, this year. Also, property, plant and equipment increased to 2.12bn/- in the period under review compared to 1.99bn/- in the preceding quarter.
Early this month, the government launched a new farmers’ bank board of directors with a pledge to support its initiatives of bolstering its capital in order to finance more farming activities as a strategy to foster industrialisation.
Deputy Minister of Finance and Planning, Dr Ashatu Kijaji, directed the new board to make sure the bank remains to be farmers’ bank by providing low cost loans for profitable agriculture activities to transform their lives into improved standards

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