CITIBANK Tanzania net profit has slumped down by almost half after net interest income slide down by a third in this year’s quarter three.
The corporate bank, with a single
branch, posted a net profit of 2.74bn/- in Q3 down from 4.90bn/- similar
period last year. The profit slump, according to financial statement,
was mainly attributed to dropping of net income revenue by a third to
6.61bn/- from 9.63bn/-.
The loan revenue went down after the
amount lent out dropped to 176.13bn/- from 195.77bn/-. The bank, despite
reducing the amount loaned out, assets grew 11.6 per cent to
659.03bn/-, thanks to increase balances with central bank and investment
in government securities.
Citibank boasts one of the lowest
nonperforming loans in the country after dropping to 0.1per cent in Q3
from 4.5per cent of Q2. Customer deposits have increased by 12.8 per
cent to 476.57bn/- in three months to September from 413.64bn/- at the
end of June.
Nevertheless, non-interest revenue
increased slightly to 4.58bn/- from 4.45bn/- pushed up mainly by foreign
currency dealings. On current year cumulative to September, the
Citibank profit also went down by over 30 per cent to 10.62bn/- from
15.11bn/The profit slumping was due to drop of net interest income to
23.34bn/- from 28.88bn/-.
Citi is the only U.S. bank in Tanzania,
where which has been operating since 1995. Citi in Tanzania is part of
the Citi East African network which includes Kenya, Uganda and Zambia.
No comments :
Post a Comment