It has emerged that one of the largest multinational banks in Tanzania, the Standard Chartered, made gains in the 2011-12 fiscal year, where its net returns hiked from Tsh33.45 billion a year earlier, to Tsh35.532 billion.
In either case, the banker declared a total profit of Tsh50.74 billion before income tax, in the period culminating in December 31, 2012, in comparison with Tsh47.79 billion that the financial institution had posted in 2011.
Though its interest revenue, which rose from Tsh58.15 billion to Tsh85.62 billion, buoyed the profit margin, the bank, however, suffered a slight float deficit of its diminishing non-interest revenue that went down by a margin of minus Tsh4.14 billion. The information is courtesy of the Financial Statement of the bank for the period under this report.
Standard Chartered Tanzania
The Standard Chartered was one of the earliest financial institutions in the Republic of Tanzania, having set up base here in 1917.
Since then, the bank has accumulated a trillion-shilling worth of asset base, which has risen in the 2012 period when its holding capacity clocked Tsh1.36 Trillion, a rise of more than 2 billion from the 2011 period.
The bank prides in having one of the best human resource and labor relations mandates in the Tanzanian banking sector. In mid-2000s, it won the Employer of the Year recognition, a fete that it would repeat intermittently in 2007 and 2010.
Perhaps the biggest customer relationship coercion move by the bank is introducing packages that favor all types of customers. There are firsts in this category including the fact that the bank was the initial financial institution to tailor packages suitable for the local population.
The bank issues Visa debit cards, transnational accounting services, savings accounts and accessible loans. A look at the forgoing financial year shows that the loan capacity as an aggregation of all credit transactions in all 12 months of the year dropped marginally to Tsh438.58 billion with respect to the Tsh576.71 billion margin of the period before.
The Standard Chartered also underscores the need for encouraging the growth of Small and Medium Enterprises (SMEs) by establishing relaxed funding impetus characterized by adjustable collateral as well as efficient payment criteria.
An attestation to customer loyalty for the bank is the fact that the deposit base is edging closer to the 1 trillion, year by year, irrespective of the fact that the forgoing financial 12 months saw a slight drop of deposits from 2010-2011’s Tsh902 billion to the current Tsh888.16 billion.