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Tanzania Commercial Bank

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Tanzania Commercial Bank
Company typeGovernment Owned
IndustryFinancial services
Founded1925; 99 years ago (1925)
HeadquartersLAPF Towers
Bagamoyo Road
Dar-es-salaam, Tanzania
Key people
Edmund B. Mndolwa
Chairman
Adam Mihayo
CEO
ProductsLoans, savings, checking, investments, debit cards, credit cards, mortgages
Increase (aftertax) TSh 10.7 billion (US$4.5 million) (Q1 2024)[1]
Total assetsTSh 1.37 trillion (US$570.36 million) (2023)[1]
Number of employees
925 (2019)
WebsiteHomepage

Tanzania Commercial Bank, formerly known as TPB Bank Plc, is a commercial bank in Tanzania. It is licensed and supervised by the Bank of Tanzania, the central bank and national banking regulator.[2]

History

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Incorporation

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In 1925 the Tanganyika Post Office Savings Bank Ordinance was passed by the British Colonial government that established the Tanganyika Post Office Savings Bank. The bank became operational in just two years in 1927. There were plans to list the shares of the bank on the Dar es Salaam Stock Exchange, but those plans never materialized.[3][4]

Financial sector reform

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After the government of Tanzania began financial sector reform following the end of Ujamaa economic policies in the country, the Tanzania Post office Savings bank was transformed into a separate entity, the Tanzania Postal Bank. The Tanzania Postal Bank Act No. 11 of 1991 created the bank as a separate entity from the Tanzania Posts and Telecommunications Corporation.[5] Since attaining its independence, the bank has provided services to a much larger population than before and it has begun to provide a profit to the government.

Public limited company

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In 2015 the bank management declared that the bank will list the bank on the Dar es Salaam Stock Exchange, in order to raise capital to expand and automate the companies operations.[6] On January 19, 2017, the bank officially rebranded the company and Tanzania Postal Bank Limited changed its name to TPB Bank Plc.[7]

Mergers and acquisitions

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In 2018, the Bank of Tanzania merged Twiga Bancorp and Tanzania Women's Bank into Tanzania Postal Bank due to their poor performance. In June 2020, the central bank merged TIB Commercial Bank Limited into TPB. The merger is set to bring the total assets of the bank to over 1 trillion Tanzanian Shillings.[8]

Overview

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In June 2021, the bank rebranded to Tanzania Commercial Bank, to reflect the national nature of the institution.[9] As of December 2023, the bank's total assets were valued at TSh 1.47 trillion (approx. US$570.36 million).[1]

Corporate affairs

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Ownership

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The table below illustrates the shareholding in the stock of TPB Bank Plc, as of 31 December 2019.[10]

TPB Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Government of Tanzania
83.00
2 Tanzania Posts Corporation
8.00
3 Revolutionary Government of Zanzibar
3.00
4 TP & TC Savings and Credit Society
3.00
5 PSSSF
2.00
6 Workers’ Compensation Fund (WCF)
1.00
TOTAL
100.00
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TPB Bank Plc bank year ends on 31 December every year.

2012 2013 2014 2015 2016 2017 2018
Total Revenue (TSh billion) 31.10 38.48 53.22 74.49 91.67 106.8 118.3
Interest Income (TSh billion) 20.87 26.60 34.75 49.43 66.81 83.0 96.0
Profit After Tax (TSh billion) 4.07 4.74 6.77 8.27 10.81 12.7 12.7
Total Assets (TSh billion) 167.3 200.8 297.8 370.7 400.8 458.3 562
Number of Branches 28 28 28 28
Number of Employees 444 454 574 660 700 718 888
Notes/sources [11] [11] [11] [12] [13]  [13] [13]

See also

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References

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  1. ^ a b c Rosemary Mirondo (10 April 2024). "TCB aspires to be Tanzania's third-biggest bank". Dar es Salaam, Tanzania. Retrieved 21 April 2024.
  2. ^ Bank of Tanzania (6 December 2020). "Supervised Commercial Banks In Tanzania". Dar es Salaam: Bank of Tanzania. Retrieved 6 December 2020.
  3. ^ Abduel Elinaza (27 May 2015). "Tanzania: Postal Bank to Go Public Next Year" (via AllAfrica.com). Tanzania Daily News. Dar es Salaam, Tanzania. Retrieved 21 April 2024.
  4. ^ Tanzania Daily News (29 January 2013). "Tanzania: Postal Bank Keen to Go Public". African Markets. Retrieved 21 April 2024.
  5. ^ "THE TANZANIA POSTAL BANK ACT, 1991" (PDF). Government of Tanzania.[permanent dead link]
  6. ^ Mwakyusa, Alvar (2016-04-22). "Tanzania: Postal Bank in Upward Trend Gets Set for Listing At DSE". Tanzania Daily News (Dar es Salaam). Retrieved 2017-01-19.
  7. ^ Anyimike, Anastazia. "TPB yaombwa unafuu wa mikopo". www.habarileo.co.tz (in Swahili). Retrieved 2017-01-19.[permanent dead link]
  8. ^ "BoT merging struggling TIB with Tanzania postal Bank Plc". www.ippmedia.com. Dar es Salaam. Retrieved 2 June 2020.
  9. ^ Deus Ngowi (22 June 2021). "TPB Now Becomes Tanzania Commercial Bank". Tanzania Daily News. Dar es Salaam. Retrieved 5 December 2021.
  10. ^ TPB Bank Plc (31 March 2020). "TPB Bank Plc Annual Report 2019" (PDF). TPB Bank Plc. Dar es Salaam. Retrieved 6 December 2020.
  11. ^ a b c "Tanzania Postal bank Annual Report 2014" (PDF). postalbank.co.tz/. Tanzania postal bank. Retrieved 19 January 2017.
  12. ^ "Tanzania Postal bank Annual Report 2015" (PDF). postalbank.co.tz. Tanzania Postal Bank. Retrieved 19 January 2017.
  13. ^ a b c National Audit Office, Republic of Tanzania (April 2019). "TBP Bank Public Limited Audited Financial Statements For The Year Ended 31 December 2018" (PDF). Dar es Salaam: TPB Bank Public Limited. Retrieved 6 December 2020.
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