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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