Top Tanzanian Banks Increase Investment in Government Securities

Top Tanzanian Banks Increase Investment in Govt Securities (News Central TV)

Tanzania’s top two banks, NMB and CRDB, increased their investments in government securities last year.

NMB, one of the banks, which invested in Treasury bonds, climbed from Tsh1.3 trillion ($562.77 million) in 2020 to Tsh1.74 trillion ($753.24 million) in 2021, according to audited financial results released this week.

CRDB purchased T-bonds of Tsh1.64 trillion ($709.95 million), up from Tsh1.49 trillion ($645.02 million) in 2020.

In 2021, NMB customer loans climbed by 13% year over year to Tsh4.65 trillion ($2.01 billion), with a non-performing loans ratio of 4%. Customer loans increased by 28.3% to Tsh5.04 trillion ($2.18 billion), while non-performing loans fell from 4.4 percent to 3.3 percent.

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Overall, CRDB’s profit before tax increased by 64% year over year to Tsh387.36 billion ($167.68 million) to the end of December 2021, compared to Tsh236.17 billion ($102.23 million) in 2020.

From Tsh295.74 billion ($128.02 million) the previous year, NMB’s gross profit increased by 40% to Tsh413.88 billion ($179.16 million).

Meanwhile, Tanzania and the United States have inked seven agreements for commercial initiatives that are expected to be executed in Tanzania by American investors and firms.

The $5.04 billion initiatives with significant private sector enterprises are expected to result in the creation of almost 301,110 jobs in agriculture, tourism, commerce, and other areas of the economy.

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