Tanzania Stock Exchange Profit Up 164% to TZS 11.48 Billion (± USD 4.35 Million) in First Nine Months of 2026 as DSE Transaction Fee Income Nearly Triples

Dar es Salaam Stock Exchange PLC (DSE: DSE), the Tanzania stock exchange operator, grew profit 164% to TZS 11.48 billion (± USD 4.35 million) in the first nine months of 2026, as total income nearly doubled to TZS 24.41 billion (± USD 9.24 million).

The exchange released the figures on 4 November 2026 in its unaudited group financial statements for the quarter ended 30 September 2026, signed by the Chief Executive Officer, Peter Nalitolela.

For the first nine months of 2026, basic earnings per share reached TZS 482, up from TZS 183 in the first nine months of 2025, while return on equity rose to 28% from 13% and return on assets to 23% from 10% over the same period.

Income

Total income for the first nine months of 2026 reached TZS 24.41 billion (± USD 9.24 million), up 95.9% from TZS 12.46 billion in the first nine months of 2025.

In the quarter ended 30 September 2026 alone, total income rose 101% to TZS 10.42 billion from TZS 5.19 billion in the quarter ended 30 September 2025.

Transaction Fee Income

Transaction fee income became the largest income line, rising 180.8% to TZS 8.07 billion (± USD 3.05 million) from TZS 2.87 billion, and accounted for 33.1% of total income.

The increase followed a jump in equity turnover on the exchange to TZS 824.1 billion in the third quarter, up 231.4% from TZS 248.6 billion in the same quarter of 2025.

When presenting the quarterly market report in early October, the Chief Finance Officer, Lucas Sinkala, attributed the turnover growth to heightened equities trading and greater investor participation.

Registry, Listing, and Other Income

Registry and depository fees, earned through the group’s subsidiary CSD & Registry Company Limited (CSDR), climbed 87.3% to TZS 4.04 billion from TZS 2.16 billion over the nine months.

Listing fees eased 2% to TZS 4.63 billion and other core income fell 50.3% to TZS 1.19 billion, while other non-core income rose more than twentyfold to TZS 6.48 billion from TZS 314.24 million.

Expenses and Profit

Expenses

Total expenses grew 58.8% to TZS 12.37 billion (± USD 4.68 million), led by operating expenses up 110.7% to TZS 5.35 billion and staff costs up 37.1% to TZS 5.68 billion.

With income growing faster than costs, the cost-to-income ratio fell to 50.7% from 62.5%.

Profit

Profit before tax rose 157.8% to TZS 12.04 billion (± USD 4.56 million) from TZS 4.67 billion, before a tax provision of TZS 558.45 million.

Profit after tax rose 164% to TZS 11.48 billion (± USD 4.35 million) from TZS 4.35 billion in the first nine months of 2025.

Profit after tax equalled 47.0% of total income, against 34.9% in the first nine months of 2025.

In the quarter ended 30 September 2026 alone, profit after tax rose 226.2% to TZS 5.25 billion (± USD 1.99 million) from TZS 1.61 billion in the quarter ended 30 September 2025.

Balance Sheet and Cash Flow

Assets and Shareholders’ Funds

Total assets rose 18.6% year on year to TZS 49.89 billion (± USD 18.89 million) at 30 September 2026, while shareholders’ funds increased 18.2% to TZS 40.29 billion (± USD 15.26 million).

Short-term deposits nearly doubled to TZS 25.72 billion from TZS 12.93 billion, while investments in government securities fell 54.7% to TZS 6.27 billion from TZS 13.84 billion.

Total liabilities stood at TZS 9.60 billion, including trade creditors and other payables of TZS 8.40 billion, up from TZS 4.55 billion a year earlier, and retained earnings reached TZS 28.69 billion.

Cash Flow

In the third quarter, operating cash flow was negative TZS 961.78 million against a positive TZS 3.37 billion a year earlier, after TZS 8.09 billion was placed in short-term deposits.

Dar es Salaam Stock Exchange Index and Market Capitalisation, 2025 and 2026

Market Performance and Product Launches in 2025

The DSE All Share Index (DSEI) closed September 2025 at 2,489.70 points, while total market capitalisation stood at TZS 21.34 trillion (± USD 8.08 billion), up from TZS 17.87 trillion (± USD 6.77 billion) at the start of the year.

By the end of 2025, the DSEI had reached 2,761.93 points, a gain of 29.08% for the year, and total market capitalisation had risen 34.3% to TZS 24.00 trillion (± USD 9.09 billion).

The Vertex ETF listed on 16 October 2025 as the first exchange traded fund on the DSE, adding a new investment product for retail and institutional investors.

The Zanzibar sukuk was launched in May 2025, followed in October 2025 by the CRDB Al Barakah sukuk, bringing Islamic finance instruments to the Tanzanian bond market.

The CRDB Samia infrastructure bond was launched in February 2025, adding to the corporate and sub-national bonds trading on the exchange.

Market Performance and Product Launches in 2026

The DSEI closed September 2026 at 4,654.42 points, up 86.9% from 2,489.70 points a year earlier and 68.5% above the 2,761.93 points recorded at the end of 2025.

Total market capitalisation reached TZS 40.57 trillion (± USD 15.36 billion) at the end of September 2026, up 90.1% from TZS 21.34 trillion a year earlier and 69.0% above TZS 24.00 trillion at the end of 2025.

The NMB EAC Large Cap ETF (IEACLC-ETF) listed on 28 January 2026 as the second ETF on the DSE, after an offer that was oversubscribed by 540%.

The Zan Timiza ETF was offered to investors from 17 August to 17 September 2026.

Three iTrust pan-African ETFs opened for subscription on 26 October 2026 and close on 27 November 2026, with their listing on the DSE scheduled for 14 January 2027.

TCB Bank is also preparing to list on the exchange.