Exim profit jumps 36 per cent in 2023

Daily News reporter

DAR ES SALAAM: Exim Bank Group has unveiled its Annual Financial Report for 2023, showcasing remarkable achievements and outstanding performance in

various key areas. The report affirms the bank’s strong market standing and highlights its steadfast dedication to excellence.

Of notable significance is the bank’s growth in Profit Before Tax, which surged from 67.8bn/- in the previous year to a remarkable 92.2bn/- in 2023, representing an impressive growth rate of 36 percent.

Making the revelation in Dar es Es Salaam on Sunday, Mr. Shani Kinswaga, the bank’s Chief Finance Officer (CFO), expressed his pride in this feat, stating: “This exceptional profit growth exemplifies our commitment to excellence and capacity to generate value for our stakeholders.”

The report also ran the robust increase in Total Revenue, which climbed from 236.7bn/-  in 2022 to 251.2bn- in 2023, demonstrating commendable progress.

Mr Kinswaga attributed the success to the bank’s strategic focus on diversifying revenue streams and optimizing operational efficiency.

Furthermore, the bank witnessed significant growth in Customer Deposit, surging from 1.8tn/- in 2022 to TZS 2.4 tn/- in 2023, representing an impressive 32 percent increase. “This accomplishment showcases Exim’s reputation for delivering reliable and trustworthy banking services to our valued customers,” noted Kinswaga.

Additionally, Exim’s dedication to supporting various sectors of the economy and fostering sustainable development in the country paid off, as the bank’s Loan and Advances portfolio experienced remarkable growth, rising from 1.2 tn/- in 2022 to 1.5 tn/- in 2023, representing a notable 22 percent increase.

In terms of assets, Exim saw significant growth in Total Assets, increasing from 2.4 tn/- in 2022 to 3.0 tn/- in 2023, demonstrating a remarkable growth rate of 26 percent. This accomplishment further solidifies the bank’s strong financial position and reinforces its ability to provide a solid foundation for its operations.

“Furthermore, our Shareholder’s Funds experienced a substantial increase, growing from 264.5bn/- in 2022 to 313.7 bn/- in 2023, illustrating a remarkable 19 percent growth. This feat reflects the confidence and trust that our shareholders have in our strategic direction and management,” added the CFO.

Beyond its financial success, Exim remains dedicated to its Corporate Social Responsibility (CSR) initiatives, which have contributed to its positive performance, according to Kinswaga. The bank’s investment in and support of various social and community initiatives contribute to the socio-economic development of the country.

In terms of infrastructure, the bank upgraded its core banking system to a more resilient and robust infrastructure during the year. The new system was designed to deliver a seamless banking experience, enabling customers to conduct their financial transactions with ease and peace of mind.

“The upgrade reaffirmed our unwavering dedication to evolving beyond traditional banking norms,” he mentioned.

The CFO also expressed his gratitude to the bank’s dedicated team, loyal customers, and supportive shareholders, stating, “Our collaborative efforts, along with our commitment to innovation, customer-centricity, and responsible banking practices, have been the foundation of our success. We will continue to prioritize innovation, customer-centricity, and responsible banking practices to drive sustainable growth and create long-term value for all stakeholders.”

Exim Bank Group’s exceptional financial performance in 2023 solidifies its position as one of Tanzania’s leading banks. The bank remains committed to empowering individuals, businesses, and communities through innovative and inclusive financial solutions.