The bank, which the government has 85.87
per cent stake, posted a pre-tax profit increase of 12.02bn/- last year
compared to 10.28bn/- of previous year.
The profitability was pushed up mainly
by net income interest that garnered 35.13bn/- against 28.97bn/- of
2014. The revenue from net income jumped up as the results of loan
portfolio that increased by 28.5 per cent to 251.9bn/- from 196bn/-.
The loan portfolio increase as also
pushed up the ratio of loans to deposits to 80.19 per cent from 75.36
per cent while non- performing loan ratio stay below the industrial rate
at 4.31 per cent.
The loan portfolio also enables assets
to grow by 24.5 per cent to 370.81bn/- in 2015 from 297.76bn/- in 2014.
The increase of customer deposits gave the ban an extra room to extend
more loans in 2015 after deposits clocked 307.88bn/- from 240.14bn/- an
increase of 28.2 per cent.
TBP profitability was also attributed to
revenue from non interest income that increased to 24.82bn/- in 2015
from 18.46bn/- in 2014. The non-interest was pushed up mainly from fees
and commissions portfolio that went up to 15.35bn/- from 14.74bn/- while
foreign currency dealings fetched 4.2bn/- up from 862m/-.
During the year, the bank opened one
more branch to increase its physical outreach to 29 branches thus
pushing total number of staff to 647 from 574 people.
The number of staff increased pushed up
total expenses to 42.25bn/- from 35.05bn/-, this was driven up due to
the raise of salaries and benefits climbed by 25.6 per cent to
23.69bn/-.
Last July, the Parliament passed the
Tanzania Postal Bank (Repeal and Transitional Provisions) Act, 2015
which paves the way for the bank to transform. The Act will enable TPB
to raise fund from the public - listing at DSE.
The Act seeks to incorporate the bank
under the Companies Act in line with the Banking and Financial
Institutions Act, (BAFIA), 2006. The TPB was the only bank in the
country operating under the Act of Parliament contrary to BAFIA, which
requires all banks to be incorporated under the Companies Act.