Tanzania: Exim Posts Good Performance in the Wake of Covid-19

EXIM Bank has posted a pretax profit of 6.58bn/- for the Quarter that ended June 2020 in

comparison to 4.90bn/- in the previous quarter that depicts a 35 per cent Quarter-on-Quarter (Q oQ ) growth.

However, the year to 30th June 2020 cumulative profit for the bank was 11.45bn/-,which is 6 per cent higher than the same period last year.

The positive operating results are an outcome of the perseverance of the business despite Covid- 19 impact.

Equally, the bank has capitalized on performing sectors while containing the costs to ensure optimization of its operations.

On another development, Exim Bank has supported the impacted sectors during the pandemic by restructuring their facilities in order to match their current cash flows.

As of June 2020, the financial institution provided relief of over 160bn/- in form of payment holidays and extension of loan repayment periods to help its clients in various sectors to make sure they sail through in the impact of Covid- 19 in their businesses.

Making the revelation while talking to reporters in Dar es Salaam yesterday, Exim Bank's Chief Finance Officer (CFO), Shani Kinswaga further said: "We are pleased to report good results for the second quarter of the 2020 financial year. We have realized 8 per cent return to shareholders fund."

" Our total assets has remained strong, at 1.8tri/-, which is mainly attributed to a 3 per cent increase in customers' deposits during the quarter that leads to 1.33tri/- in total customer deposits.

Our operations in Tanzania, Comoros and Uganda have all recorded remarkable growth in customers' deposits during the quarter.

" The Bank has revised its Medium- Term Plan (MTP) following the Covid-19 disruption with the objective of sustaining the growth momentum. The strategy capitalises on 'People, Processes and Technology' in driving sustainable growth, and this quarter's results are a testament of the progress made," During the quarter, Exim Bank launched a new digital awareness campaign aimed at encouraging customers to embrace a cashless economy, where they can access services and transact digitally.

The Bank's move comes in light of the recent social behaviour change due to the emergence of global Covid-19 pandemic.

Earlier, the bank had donated food items and Covid-19 protective gears to orphanage centres in four regions: Dar es Salaam, Tanga, Z anzibar and Mtwara.

Exim Bank (Tanzania) Limited is a Tanzanian Bank that was established in 1997 and expanded its market by opening subsidiaries in Comoro (2007), Djibouti (2010) and Uganda (2016), hence became the first local bank to go offshore.

Its core objective is to create investment value to its shareholders and optimize the growth through delivery of customized services.

Along with this, the Bank is well known to deliver excellence by serving customers with efficiency and courtesy.

Within a short span of 23 years of its existence, the bank has built a strong brand through its geographical reach, innovative products, relationship management and its ability to provide a faster turnaround in services and in the process building a strong loyal customer base.

The bank has 33 branches within Tanzania and 48 branches across all the four territories. The group employs 1,046 employees, of which 708 are from Tanzania operations.