PBZ chalks more profit in 2013


The People’s Bank of Zanzibar Limited (PBZ) cumulative profit for the year ended December 2013 increased 4.45n/- compared to 1.65bn/- of the corresponding period in the preceding year.

According to the PBZ’s statement of financial position the net interest income, cumulatively went up to 14.7bn/- in the period under review compared to 10.3bn/- of the previous year.

Some of the banking activities which contributed to the positive performance are the foreign currency dealings and transaction that increased to 2.5bn/- cumulatively compared to 2.01bn/- registered it the period before. Others are fees and commission that jumped to 5.03bn/- cumulatively from 2.01bn/-.

However, the Bank’s net income declined to 579m/- in the quarter under review compared to 623m/-of the previous period. The quarterly profit fall might be attributed to its expansion programme, increased expenses on salaries and benefits to 1.67bn/- compared to 1.37bn/- pencilled in the corresponding quarter the year before.

Similarly, other operating expenses jumped to 2.99bn/- compared to 2.57bn/- registered in the corresponding quarter. In the meantime, the PBZ’s total assets value jumped to 287.7bn/- in the quarter ending December 2013 from 240.4bn/- of the previous period.


Some activities like loans, advances and overdraft that increased to 137.4bn/- in the period under review from 131.3bn/-might be one of the reasons behind the positive performance of the assets value.

Other banking activities include investment in government securities that increased to 45.6bn/- from 33.9bn/- of the earlier period.

The balances with other banks and financial institutions rose to 32.8bn/- in the period in question from 13.5bn/- of the quarter ended September 30, 2013. Similarly, cheques and other items of clearing increased to 3.3bn/- in the quarter under review from 105m/- of the previous period.

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