Akiba Commercial Bank reports net profit of 964 million/- in Q3

Unaudited financial statements for the third quarter of this year show earnings per share rose to 35/- in the reported quarter from a loss of 54/- in the same quarter last year. The operating result amounted to 964 million/- during the reporting period.

The performance also helped the bank reduce cumulative losses to 353 million/- in the first three quarters of this year from a loss of 5.5 billion/- recorded in the first three quarters of last year.

Cumulative net interest income was 15 billion/- in the first nine months of this year, compared to 11.4 billion/- recorded in the same period last year, while on a quarterly, net interest income jumped to 5 billion/- in Q3, 2022 from 3.9 billion/- in Q3, 2021.

The statement shows that cumulative non-interest income increased to 5 billion/- in the first three quarters of this year from 4 billion/- in the same period last year, while on a quarterly, non-interest income reached 1.7 billion/- during the third quarter of this year. of 1.4 billion/- recorded during the third quarter of last year.

The bank’s total assets increased slightly to 182 billion/- in the third quarter of this year, compared to 181 billion/- recorded in the second quarter of this year, due to the increase in lending to different sectors of the economy, investments in government securities and the balance with other banks and financial institutions which weighed on the slowdown in the balance with the BoT and the treasury.

Loans, advances and overdrafts increased to 84.5 billion/- during the third quarter against 80.1 billion/- recorded during the second quarter, while investments in government securities increased slightly to 45.5 billion/- against 44.4 billion/- respectively.

The bank’s balance with other banks and financial institutions increased to 1.2 billion/- during the third quarter of this year from 405 million/- recorded in the second quarter, while the balance with the Bank of Tanzania (BoT) slowed to 9.5 billion/- from 11.7 billion/- respectively.

The statement shows that cash also slowed to 13.4 bln/- during the third quarter, from 15.9 bln/- recorded during the second quarter of this year, while other assets fell slightly to 13, 9 billion/- versus 14.3 billion/- respectively.

The statement shows that customer deposits slowed slightly to 119.7 billion/- during the third quarter from 123.7 billion/- during the second quarter, while deposits from other banks and financial institutions increased to 2.1 billion/- versus 1.1 billion/- respectively.

Total liabilities remained almost stable at 153.9 billion/- during the review period, while total shareholders’ funds reached 28.5 billion/- during the third quarter of this year, compared to 27, 5 billion/- during the second quarter of this year.

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