Bank of Africa Tanzania Increases Profits in 2013

According to the Bank of Africa Tanzania (BoA) recently published 2013 annual report, the bank increased its pre-tax profits by 63% to TZS 5.4 billion.

According to the report BoA profits can be attributed to increased customer deposits, earnings from net interests, improved yields from Treasury products, and success of newly launched banking services such as school loans, special packages for unbanked business communities, and tailor-made products for employees.

Bank of Africa Tanzania Managing Director and CEO Ammish Owusu-Amoah stated: “The future of my bank remains favourable, backed by Tanzania’s strong domestic economic growth of around 7.0 per cent. Our management theme for the year 2014 is to deliver robust growth for banks’ performance, capacity building for staff and quality service for customers.”

Bank of Africa Tanzania became part of the Bank of Africa Group in 2007, and currently has 10 branches in Dar es Salaam, and 9 regional branches.