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ANNUAL REPORT and GROUP CONSOLIDATED FINANCIAL STATEMENTS for the YEAR ENDED 31Stdecember 2020

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ANNUAL REPORT and GROUP CONSOLIDATED FINANCIAL STATEMENTS for the YEAR ENDED 31Stdecember 2020 ANNUAL REPORT AND GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31stDECEMBER 2020 2 S.NO CONTENTS PAGE 1 ABOUT VICTORIA FINANCE PLC 4 2 FINANCIAL HIGHLIGHTS 8 3 MESSAGE FROM THE CHAIRMAN AND MANAGING DIRECTOR 10 – 12 4 BUSINES PERFORMANCE 14 5 BOARD OF DIRECTORS & MANAGEMENT 15 – 18 6 DIRECTORS’ REPORT 19 – 24 7 STATEMENT OF DIRECTORS’ RESPONSIBILITIES 25 8 DECLARATION OF HEAD OF FINANCE 26 9 INDEPENDENT AUDITORS’ REPORT 27 – 28 10 CONSOLIDATED STATEMENT COMPREHENSIVE INCOME 29 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 31 13 CONSOLIDATED STATEMENT OF CASH FLOWS 32 – 33 14 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 34 – 69 3 1. ABOUT VICTORIA FINANCE PLC population. 1.1. The Company at Glance In the efforts to diversify its revenues sources and increase its financial inclusion offerings; on 28th Victoria Finance PLC (VFP) is one of the leading March 2017, Victoria Finance PLC incorporated an microfinance institutions in Tanzania. The Company is insurance Subsidiary-Victoria Insurance Brokers a non-deposit taking microfinance institution, Limited (VIB). VIB focuses on both life and non-life regulated by the Bank of Tanzania under Tier 2. The insurance offering, with mission to “provisioning of company was incorporated in 2009 under the insurance services aiming at enhancing customers’ Companies Act, CAP 212 of 2002, and commenced satisfaction and shareholder’s value.” Victoria its operation on 2nd May 2010 after obtaining the Finance PLC wholly owns Victoria Insurance Brokers required business licenses to operate as a Limited. microfinance business. A change of company status from Victoria Finance Limited to Victoria Finance PLC, The company operations cover four regions- Dar es on which the new certificate of incorporation is Salaam, Coastal, Mbeya and Morogoro. Our rural issued, came into effect on 5th May, 2014. presence account for more than 30% of the Company’s lending operations. Using digital The Group is dedicated to providing microfinance technology and three branches in Dar es Salaam, products and services especially to the needy people Madibira in Mbeya and Dakawa in Morogoro, we in the country. VFP provides microfinance products are able to serve remote and rural areas where and services to individuals, corporate and SACCOS financial inclusion remains low. or similar groups who may not be able to obtain such services from commercial banks or other financial In addition to lending and insurance broking institutions. The company is dedicated to provide activities, the Group has been involved in mobilizing microfinance services to low and middle-income and managing special impact funds to specific earners, women, youth and to the needy. With the projects for promotion of inclusive finance in the rural. current low level of financial inclusion in Tanzania, the We have assisted various community based groups to development of microfinance institutions is one of the commercialize their primary production into more ways to improve financial inclusion by reaching and viable trading businesses hence adding value to their providing financial services to the underserved produces. 4 OUR VISION “To be the preferred financial Partner in Tanzania.” OUR MISSION “To provide comprehensive financial Services solutions by meeting customers' needs , realizing shareholders' value VISION MISSION and ultimately benefitting the society” VALUES OUR VALUES Commitment, Integrity , Accountability 5 Business Loans Consumer Loans Short term Loans Personal Loans Salary Guarantee Loans SME Loans Insurance Premium Finance Insurance Premium Micro-housing Finance Finance Lease finance Mwendokasi Solar Power Loans Agric Loans Poultry Loan Education Loans Solidarity Group Loans. Insurance Services Solidarity Group Loans Credit Life Insurance Agric Loan Life Assurance Poultry Loan 6 CORPORATE INFORMATION BOARD OF DIRECTORS REGISTERED OFFICE 5th Floor Sky Tower , CHAIRMAN New Bagamoyo Road, Kijitonyama, Mr. Leonard Kitoka P.O BOX 12102 Dar es Salaam DIRECTORS Mr. Moremi Marwa LEGAL ADVISORS: Ms. Victoria Chale Ms. Rose Funja APEX ATTORNEYS Mr. Abel Kaseko TANCOT House, Mr. Robert Butambala Sokoine/Pamba Road, Mr. Xavery Makwi P.O BOX 34674, Dar es Salaam COMPANY SECRETARY AUDITORS Mr. Frank Mwalongo AUDITAX INTERNATIONAL PPF Tower, 7th Floor Garden Avenue P. O. Box 77949 EXECUTIVE MANAGEMENT Dar es Salaam Mr. Julius Mcharo - Managing Director Mr. Hermenegild Kiyagi - Chief Operations Officer Mr. Ibrahim Msusa - Head of Finance Mr. Noel Sumbe - ICT Officer Ms. Robi Magaigwa - Legal Officer Ms. Elinipa Elias - General Manager, Victoria Insurance Brokers Limited BANKERS: NCBA BANK TANZANIA LIMITED NATIONAL MICROFINANCE BANK Samora Branch, Dar es Salaam Kariakoo Branch, Dar es Salaam AKIBA COMMERCIAL BANK CRDB BANK PLC Main Branch, Dar es Salaam Kariakoo Branch, Dar es Salaam MUCOBA BANK PLC AZANIA BANK LTD Madibira Branch, Mbarali Mawasiliano Towers Branch, Dar es Salaam TPB BANK LIMITED 7 FINANCIAL HIGHLIGHTS 2.1 Financial Trends in 2016-2020-TZS millions Net Interest Income Gross Loan Portfolio 5,000.00 1,800.00 4,500.00 1,600.00 4,000.00 1,400.00 3,500.00 3,000.00 1,200.00 2,500.00 1,000.00 2,000.00 800.00 1,500.00 1,000.00 600.00 500.00 400.00 - 200.00 2016 2017 2018 2019 2020 - 2016 2017 2018 2019 2020 Operating Income Total Assets 2,500.00 9,000.00 8,000.00 2,000.00 7,000.00 6,000.00 1,500.00 5,000.00 4,000.00 1,000.00 3,000.00 2,000.00 500.00 1,000.00 - 2016 2017 2018 2019 2020 - 2016 2017 2018 2019 2020 Borrowings Operating Cost 4,000.00 1,800.00 3,500.00 1,600.00 3,000.00 1,400.00 2,500.00 1,200.00 2,000.00 1,000.00 800.00 1,500.00 600.00 1,000.00 400.00 500.00 200.00 - - 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Profit Before Tax Shareholders’ Funds 800.00 3,500.00 700.00 3,000.00 600.00 2,500.00 500.00 400.00 2,000.00 300.00 1,500.00 200.00 1,000.00 100.00 500.00 - 2016 2017 2018 2019 2020 - 2016 2017 2018 2019 2020 8 2.2 Performance Indicators In TZS millions 2016 2017 2018 2019 2020 Net Interest Income 950 1,087 772 1,145 1,538 Operating Income 1,105 1,370 1,285 1,830 2,250 Operating Cost 720 1,068 1,135 1,317 1,574 Profit Before Tax 386 302 150 513 675 Net Profit After Tax 247 186 270 364 471 Total Assets 3,274 3,434 4,096 6,169 7,947 Gross Loan Portfolio 2,984 3,297 2,623 4,005 4,392 Borrowings 1,165 1,124 1,447 3,064 3,807 Shareholders’ Funds 1,958 2,057 2,227 2,594 3,169 2.3 Key Ratios 2016 2017 2018 2019 2020 Return on Equity(ROE) 13.5% 9.1% 12.3% 14.8% 16.3% Return on Assets(ROA) 8.8% 5.5% 6.0% 5.7% 6.7% Operational Self 142% 124% 108% 126% 143% Sufficiency(OSS) Operating Expense ratio 27% 33% 32% 28% 36% Financial Leverage 0.7 0.6 0.8 1.4 1.2 Cost Ratio 65% 76% 91% 73% 66% Funding expense Ratio 5% 7% 6% 8% 10% Capital Adequacy 60% 61% 57% 41% 41% 2.4 Social Indicators INDICATOR 2016 2017 2018 2019 2020 Number of Branches 3 3 3 2 2 Number of Staff 2 2 2 8 2 7 2 6 2 7 Number of Active Clients 3 ,449 4 ,086 4 ,673 5 ,254 5 ,564 % of Women Clients 55.9% 52.8% 49.8% 49.8% 47.7% Number of Outstanding Loans 1 ,697 1 ,582 97 4 1 ,135 1 ,194 Value of Outstanding Loans (TZS) 3.0Billion 3.0 Billion 2.7Billion 4.0Billion 4.3Billion Value Of Disbursed Loans (TZS) 3.8billion 3.5Billion 3.7Billion 6.4billion 5.98 Billion 9 Our investment focus remains on resource of 29%. The total assets increased from TZS 6.2 billion Recommendation by the shareholders. mobilization, digitalization and innovation that 2019 to closed the year at TZS 7.9 billion supported by will improve our offerings hence create more new funding sources. More investment was channeled Prospects for 2021 and Beyond effective and efficient operations. Development towards lending activities with net portfolio recording an In pursuit of a strong and significant contribution of our of our people will take a central stage by increase of about 20% to TZS 5.7 billion from TZS4.7 Group in the society, the Board is committed to creating enabling environment for innovative billion in the previous year. implement strategic plans and ensure sustainability of and implementable ideas that has beneficial to The shareholders’ funds improved from TZS2.6 billion to the Group in the future. Along with the projected the future of the organization. TZS3.2 billion due to improved profits during the year trajectory, the Board will continue to monitor the and new share capital due to bonus issue from the dynamics of the business environment and adjust dividend paid during the year. The return on equity accordingly. (ROE) also improved to 16.3% from 14.8% recorded in 2019. Our investment focus remains on resource mobilization, Branch Expansion digitalization and innovation that will improve our In the efforts to improve financial growth and inclusion as offerings hence create more effective and efficient one of the strategic pillars in the Strategic Plan, the operations. Development of our people will take a central Group made a decision to establish a new branch at stage by creating enabling environment for innovative and Dakawa in Mvomero to support small holders’ farmers implementable ideas that has beneficial to the future of by extending services closer to our customers.
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