AZANIA Bank has reported a net income after income tax amounting to 7.3bn/- during the first quarter of this year, compared to 6.9bn/- recorded during similar quarter of last year.

Unaudited financial statement for the quarter ended on 31st March 2024, the increase of profitability resulted from growth of both funded and non-funded incomes, which resulted into an operating profit of 9.8bn/- compared to 7.2bn/- respectively.

Funded income (net interest income) amounted to 22.86bn/- during the first quarter of this year, compared to 18.34bn/- recorded during the first quarter of last year, while, non-interest income nearly doubled to 10bn/- compared to 5.2bn/-.

The sharp increase of non-funded income resulted from nearly tripled foreign exchange profit, growth of income from fees and commissions, dividend income and highest growth of other operating income.

Fees and commission amounted to 5bn/- during the first quarter of this year, higher than 3bn/- recorded during the first quarter of this year, while foreign exchange profit and other operating income reached to  3bn/- and 2bn/- respectively from 1.6bn/ and 554m/- respectively.

Basic earnings per share also slightly gained to 158/- from 151/- while two branches were added during the period, which translated into increase of employees to 627 from 570 respectively.

The statement shows the bank’s total assets amounted to 2.2tr/- during the first quarter of this year, compared to 2.1trn/- recorded during the fourth quarter of last year.

Loans, advances ad overdrafts increased to 1.68trn/- during the first quarter of this year, from 1.62trn/- in the fourth quarter of last year, while investment in government securities amounted to 225bn/-.

The statement shows, the bank also managed to increase its customer deposits mobilization, as during the  first quarter of this year, they amounted to 1.59trn/- compared to 1.54trn/- in the fourth quarter of last year.

Shareholders’ fund amounted to 305bn/- during the first quarter of 2024, compared to 298bn/- during the fourth quarter of last year.