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TPB Bank PLC TPB Bank PLC ANNUAL REPORT 2019 TPB Bank PLC Head Office LAPF Towers, Kijitonyama Bagamoyo Road, P. O. Box 9300 Dar Es Salaam Tanzania Telephone: +255 22 2162940 Fax: +255 22 2114815 E-mail [email protected] Website: www.tpbbank.co.tz ANNUAL REPORT 2019 CREATING AND DELIVERING VALUE Dear Valued Stakeholders, I strongly believe that public institutions need to create value for their stakeholders, in a sustainable way. TPB Bank is at the forefront of embracing this philosophy and has strove to consistently be a proactive entity in building the United Republic of Tanzania. We firmly believe that over and beyond our zeal for financial inclusion, we must also make a positive socio-economic impact on Tanzanian economy through our every-day operations. Our contribution in 2019 was one that we are proud of, and the following are some of our substantial achievements: · TPB paid out a total dividend of TZS 1.2 billion to our shareholders with TZS 1 billion paid to our majority shareholder, the Government of the United Republic of Tanzania. Dr. Edmund Bernard Mndolwa · Corporate tax payments amounting to TZS 7.1 billion remitted to Tanzania Revenue Authority (TRA), up by 38% from the TZS 5.1 billion paid in 2018. · Employment of 925 Tanzanians. · Continued in-roads into the rural and un-banked populations through a combination of brick and mortar technology. This has seen a realization of 37 branches, 40 mini branches, 320,000 mobile banking customers, 75 ATM’s and 1,438 point of sale machines. · A total of TZS 218 billion lent out to 50,000 pensioners, ensuring that they remain in the formal financial system and can engage in various socio-economic activities, promoting their livelihood after retirement. While I am very proud of the socio-economic value TPB Bank creates, this success is an impetus that we must and will continue to do more to ensure our various stakeholders receive the very best that the bank has to offer. We are fully committed to ensuring a lasting impact on the great people of Tanzania. Dr. Edmund Bernard Mndolwa Chairman - Board of Directors TPB Bank PLC 31st March 2020 ii TPB Bank PLC His Excellency the President of the United Republic of Tanzania, Hon. Dr. John Pombe Joseph Magufuli receiving a dummy cheque from TPB Board Chairman Dr. Edmund Bernard Mndolwa and TPB CEO Mr. Sabasaba Moshingi representing the bank’s dividend payment to the Government of the United Republic of Tanzania from 2018 operations. Second left is Hon. Job Ndugai, Speaker of Parliament and far left is Hon. Dr. Phillip Mpango, Minister for Finance and Planning. Her Excellency the Vice-President of the United Republic of Tanzania, Ms. Samia Suluhu Hassan in a joint photo with TPB EXCO members during the launch of Tabasamu Account. On her left is Hon. Dr. Ashatu Kijaji, Deputy Minister for Finance and Planning, on her right is TPB Board Chairman - Dr. Edmund Mndolwa and on her far right is TPB CEO Mr. Sabasaba Moshingi. iii ANNUAL REPORT 2019 OUR VISION “To be the leading bank in the provision of affordable financial services and promoting financial inclusion in Tanzania. ” OUR MISSION “To aid in the transformation of the socio-economic landscape of Tanzania by providing and promoting financial solutions in a sustainable way while ensuring stakeholder expectations are met.” OUR VALUES TPB’s has identified its core values which will shape the culture, define the character of TPB and guide how TPB’s people behave and make decisions going forward. Customer Focus: All our activities are primarily focused on customers’ needs and their fulfillment; we invest to enhance their experience of banking with us. The market we serve determines our choice of products and services and the way we deliver them. Trustworthy: Our people conduct themselves ethically in a manner that is above reproach to win the trust of our customers and stakeholders. Professionalism: We always aspire to conduct our business to the highest standard and compliance with best banking practices and regulations. Teamwork: Our business units will work together in harmony so as to make sure our customers get the best value for money in the services and products we offer. Quality: Quality is the focus of everything we do. Our continual innovation, spirit of integration, and high standards improve quality in every aspect of our bank. iv TPB Bank PLC BANK INFORMATION LEGAL STATUS TPB Bank is a Public Limited Company incorporated under the Companies Act, 2002 on 29th March 2016, and awarded a certificate of incorporation number 125056. The bank is licensed by the Bank of Tanzania. PHIYSICAL ADDRESS POSTAL ADDRESS Head Office LAPF Towers TPB BANK PLC Bagamoyo Road P. O. Box 9300 Dar Es Salaam Dar Es Salaam Tanzania Tanzania Telephone: +255 22 2162940 Fax: +255 22 2114815 E-mail [email protected] Website: www.tpbbank.co.tz AUDITORS Controller and Auditor General National Audit House Samora Avenue/Ohio Street P.O. Box 9080 Dar es Salaam. TPB LAWYERS 1. M.A. Ismail & Company 5. Rex Attorneys Plot No. 16, Malik Road, Upanga Rex House, P.O. Box 1553 145 Magore Street, Upanga, Dar es Salaam. P.O.Box 7495, Dar es Salaam. 2. Astute Law Attoneys, Plot No 12, Block K, 6. B & E Ako Law, Nyanza Building, 3rd Floor, Tanhouse Tower (4th Floor) P.O. Box 311, Plot No 34/1-Ursino South Mwanza. P.O.Box 2475 Dar es Salaam 3. Kailu Chambers Advocates, 7. Gabriel & Co, Plot No 75/6, Block S, P l o t N o 1 7 3 6 , K a h a m a R o a d , M a s a k i P.O. Box 127, P.O.Box 106204 Mwanza. Dar es Salaam. 4. Legis Attorneys, 8. Amicus Attorneys 4th City Plaza Building, Raha Towers, 1st Floor, LAPF Building 145 Magore Street, Upanga, P.O.Box 7219 P.O. Box 3750, Dar es Salaam. Dar es Salaam. 1 ANNUAL REPORT 2019 OUTREACH BRANCHES 37 Branches 40 Mini-branches WESTERN UNION MONEY TRANSFER 37 Branches of TPB Bank 40 Mini-branches of TPB Bank 1 Dedicated location for Western Union Money Transfers at YWCA Branch 87 Tanzania Posts Corporation Offices 8 Branches of DCB Commercial Bank 2 Branches of Mwanga Community Bank 3 Branches of Uchumi Commercial Bank 4 Branches of Mucoba Bank Plc 25 Branches of Azania Bank Limited 9 Branches of Amana Bank 3 Branches of Maendeleo Bank 11 Branches of Mkombozi Bank Plc ATM NETWORK 75 TPB Bank’s own ATMs 250 Umoja ATMs TPB POPOTE POS NETWORK 49 TPC Agents operating via Selcom 1,448 Selcom Individual Agents, and 87 Mobile Agent operators. 2 TPB Bank PLC FIVE - YEAR FINANCIAL REVIEW (Figures stated in Billion Shillings) 2019 2018 2017 2016 2015 Dec. Dec. Dec. Dec. Dec. Interest Income 100.2 95.9 83.1 66.8 49.2 Non-Interest Income 29.5 22.4 23.7 24.9 25.1 TOTAL INCOME 129.7 118.3 106.8 91.7 74.5 Impairment for Loans (10.5) (13.7) (11.2) (7.1) (4.4) PROFIT BEFORE TAX 23.0 17.1 18.4 15.7 12.0 PROFIT AFTER TAX 15.9 12.7 12.7 10.8 8.3 LOANS AND ADVANCES 420.6 412.8 325.1 297.6 251.9 TOTAL DEPOSITS 517.7 453.5 382.6 337.4 322.2 SHAREHOLDERS’ FUNDS 98.9 82.9 59.8 51.8 41.1 TOTAL ASSETS 647.2 562.3 458.3 400.7 370.7 OTHER INDICATORS Core Capital to total Risk Weighted Assets 15.86% 13.98% 12.00% 12.10% 12.46% Total Capital to total Risk Weighted Assets 15.86% 14.86% 12.92% 13.00% 13.32% Return on Average Assets 2.87% 2.26% 2.87% 4.2% 2.23% Return on average Shareholders’ Funds 18.40% 15.34% 20.85% 31.5% 20.13% Number of Branches plus Mini branches 77 75 67 60 59 Number of Staff 925 888 718 700 660 3 ANNUAL REPORT 2019 FINANCIAL HIGHLIGHTS TPB Bank has had strong financial performance over the last decade on all key financial parameters - revenue, profit before tax, loans and advances, deposit mobilization, total assets and shareholders fund. TPB has strove to consistently deliver superior financial performance as a basis to aid TPB in delivering reliable, timely and world class solutions. This impressive financial performance is underpinned by product diversification, improved service delivery and a key focus on innovation. During the period 2010 – 2019, total income has grown by 535% while profit before tax has multiplied by factor of 26. Total deposits have more than quadrupled whereas loans and advances have grown by 548%. The bank’s balance sheet has grown by 429% while the shareholders fund has grown by a factor of 12.9. Revenue - TZS Billion 150 130 118 107 100 92 75 50 53 31 39 15 20 25 16 16 0 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Profit Before Tax - TZS Billion 25 23.0 20 18.4 17.2 15.7 15 12.0 10.3 10 7.0 5.7 5 3.8 0.4 0.9 0.5 0.9 0 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Deposits - TZS Billion 600 518 500 454 383 400 337 322 300 265 173 200 146 109 121 100 74 80 88 0 Dec.
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