Standard Chartered Bank Tanzania Limited has recorded a strong first half performance with a strong balance sheet growth and a revenue increase of 6 per cent year on year.
The bank said in a statement that it has also increased its loans and advances to its clients by over 40bn/- which is a 6 per cent increase compared to the figures recorded at the end of the first quarter, in March this year.
Compared to year-end figures in December, 2014, the loans and advances figure has increased to 749bn/- from 712bn/-, translating to a 5 per cent increase.
On the other hand, the Bank’s client deposits went up by over 160bn/-, closing at 1.2tri/- which translates to a 14 per cent increase compared to the end of March this year.
There was a significant growth in client deposits from December, 2014 to the end of the first half this year. The deposits figure went up by 298bn/- which is an increase of 30 per cent.
The Bank has also continued to maintain a liquid and wellcapitalized balance sheet. The Bank’s Chief Executive Officer, Liz Lloyd, said that the Bank’s success is attributed to a continued disciplined and focused approach of doing business.
“Our main focus has been to support our clients as they develop their businesses by introducing new ways of banking. We have a great team with high professional standards who know the local market and can tap into international expertise as well,” she said.
The Bank has continued to focus on its digital capabilities, a move which is targeted at expanding financial services and access in the country.
In March 2015 Standard Chartered Bank launched the “Straight2Bank Wallet” capability, a mobile payment service for corporate clients in Tanzania.
The new service enables the Bank’s corporate clients to instantly make bulk payments directly from their Standard Chartered Bank accounts into their beneficiaries’ M-PESA and TigoPesa accounts.
In her remarks, the Bank’s Head of Finance, Ruth Zaipuna, added that the Bank continues to be optimistic of its performance given strong client activity levels that have continued into the second half of the year.
Originally published on DailyNews Tanzania
