The Tanzania commercial bank (TCB) has recorded a net profit of 10bn/- during the first quarter of this year ended March 31, driven by the stable growth in revenue across all business segments as well as the balance sheet.
Adam Mihayo, the Chief Executive Director of TCB unveiled this in Dar es Salaam yesterday, during a special meeting with the media editors and reporters to highlight the lender’s performance.
“Our steady growth is fuelled by our commitment to excellence and our relentless pursuit of customer satisfaction. We are a bank that takes time to listen to our customers and put effort in understanding their needs,” he said.
Mihayo explained; “With revenue soaring by 30 per cent, we have once again demonstrated our resilience and capability in navigating dynamic market conditions. Our customers' trust and confidence with us remain steadfast as evidenced by the increase in customer deposit. Furthermore, our commitment to fostering economic growth is evident in the rise of customer loans.”
Mihayo said the total expenses incurred during the quarter stood at 43.2bn/- marking a 6.1 per cent increase than the 40.7bn/- incurred in the first quarter of 2023, while total expenses rose marginally by 2.5bn/- from 26.5bn/- at the end of the first quarter of 2023 to 26.8 bn/- as at the end of the first quarter of 2024.
“We want to implement a strategy that is focused on driving operational efficiencies and progressively manage our cost to income ratio downwards despite the marginal increase for this period,” he said.
Mihayo said the bank’s record of profitable growth was a result of continuous prioritization of the value and sustainable growth of the micro, small and medium-sized businesses in the country, adding that, TCB has leveraged on digitization of banking solutions to offer efficiency, convenience, and ease transaction ability.
“The strategic direction coupled with ongoing digitization strategy has brought TCB closer to its customers than ever before to allow them to conduct banking services at a place of their convenience, fostering a relationship of trust between the bank and its customers,” he said
Mihayo also said that TCB’s banking network grew by almost four-fold during the past four years from 1,854 in 2020 to over 6,000 in 2023.
“The number of UmojaSwitch ATMs will go up from 250 in 2020 to 281 in 2023. During the same period, TCB also started to acquire and issue VISA cards.
Umoja Switch has formed a partnership with NMB and as of Q1-2024, there are 750 NMB ATMs connected to Umoja Switch. This brings the total number of Umoja Switch ATMs to 1031 in Q1-2024,” he said.
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