Some large, medium and small commercial banks maintained impressive profitability trends during last year, driven by expansions of both funded and non-funded incomes as well as recovery of impaired assets.

Unaudited financial statements for the fourth quarter of some banks published this week on The Guardian newspaper, show strong balance sheets, driven by profit accounts growth, which were mainly caused by increased interest incomes, due to expansion of lending to various sectors of the economy.

CRDB Group, the largest bank in terms of assets, recorded a cumulative net profit amounting to 550.8bn/- last year, of which 529bn/- were recorded by CRDB Bank subsidiary, from a cumulative net profit by the group of 408.6bn/- recorded in 2023.

On quarterly basis, the statements show a net profit of 141.9bn/- was recorded during the fourth quarter of last year by CRDB Group, compared to 142.3bn/- recorded during similar quarter of 2023.

The group’s net interest income amounted to 1.1trn/- last year, compared to 845bn/- recorded during previous year, of which 297bn/- were generated during the fourth quarter of last year, while non-interest income grew to 511bn/- from 447bn/- respectively.

CRDB Group also managed to expand its net assets by 25 percent to 16.5trn/- during last year, from 13.3trn/- recorded during the year ended in December 2023, driven by expansion of balance with Bank of Tanzania (BoT), lending and cash, despite of slowdown of balance with other banks and financial institutions, investment in government debt instruments and interbank loans receivables.

Total loans amounted to 10.4trn/- last year from 8.4trn/- in 2023, while total deposits grew year-on-year by 24 percent to 10.9trn/- last year from 8.9trn/- mobilized in 2023.

Bank of India, which is categorically classified as a small bank, recorded a cumulative net profit of 3.4bn/- last year from 2.8bn/- recorded in 2023, of which 1.4bn/- was generated during the fourth quarter of last year.

The bank’s net interest income amounted to 9.4bn/- last year from 8.2bn/- recorded during the previous year, while non-interest income increased to 1.8trn/- compared to 1.8trn/- respectively. On quarterly basis, net interest income slightly increased to 2.3bn/- in Q4, 2024 from 2.1bn/- recorded in Q4, 2023.

Loans, advances and overdraft amounted to 104bn/- during the fourth quarter of last year, slightly lower than 119bn/- recorded during the third quarter, while customer deposits increased to 127bn/- from 119bn/-.

The bank also managed to slightly increase its shareholders’ fund to 43.7bn/- from 42.2bn/- due to increase of profit accounts, which grew to 3.4bn/- compared to 1.9bn/-.

The National Bank of Commerce (NBC) recorded a net profit of 117bn/- last year from 85bn/- in 2023, of which 33.6bn/- being recorded during the fourth quarter of last year.

The increase of NBC’s profit resulted from growth of net interest income which amounting to 248bn/- last year, of which 64bn/- were generated during the fourth quarter from cumulative 204bn/- recorded in 2023.

The bank’s statement shows non-funded income amounted to 136bn/- last year from 97bn/- recorded in 2023.

The third largest bank also managed to expand its balance sheet as total assets amounted to 4.3trn/- during the closure of last year due to increase of cash, balance with Bank of Tanzania (BoT), investment in government debt instruments and interbank loan receivables.

Lending to various sectors of the economy slightly grew to 2.89trn/- during the fourth quarter, from 2.86trn/- during the third quarter, while customer deposits went up to 2.9trn/- compared to 2.7trn/- respectively.

Total shareholders’ funds close last year at 494bn.

Absa Bank Tanzania recorded a cumulative net profit of 71bn/- last year from 54bn/- in 2023, of which 12bn/- were generated during the fourth quarter of 2024.

Net interest income amounted to 110bn/- last year, of which 28bn/- was generated during the fourth quarter, from 93bn/- recorded in 2023, while non-funded income went up to 90.6bn/- from 80.5bn/- respectively.

The bank’s total assets amounted to 1.5trn/- at the end of last year driven by an increase of balance with other banks and financial institutions and lending to various sectors of the economy.

Lending to various sectors of the economy amounted to 1.1trn/- during the last quarter of last year, while non-performing loans to gross loans remained very low at 1.5 percent.

Standard Chartered Bank net income amounted to 98.6bn/- last year, of which 30.6bn/- were generated during the last quarter of last year driven by increase of funded and non-funded incomes, from cumulative 86bn/- recorded during the previous year.

Net interest income amounted to 115bn/- last year from 108bn/- recorded in 2023, while cumulative non-interest income increased to 91bn/- from 75bn/- respectively.

Lending to various sectors of the economy grew to 559bn/- during the fourth quarter of last year from 464bn/- recorded during the third quarter, while customer deposits slightly slowed to 1.2trn/- from 1.4trn/- respectively.

The bank’s unaudited statement shows the bank’s total assets amounted to 1.9trn/- during the fourth quarter, slightly lower than 2.3trn/- recorded during the third quarter due to decline of investment in government debt instruments, balance with BoT as well as balance with other banks and financial institutions.

Stanbic Bank Tanzania net income amounted to 128bn/- last year, of which 27bn/- were generated during the fourth quarter, compared to a cumulative net profit of 88bn/- recorded during 2023.

The largest bank’s total assets also expanded to 3trn/- mark during the end of last year, of which half of total assets were lending.

Customer deposits also went up to 2trn/- during the fourth quarter of last year from 2.9trn/- recorded during the third quarter.