PUBLICATION OF AUDITED FINANCIAL STATEMENTS

Issued pursuant to regulations 7 and 8 of the Banking and Financial Institutions (Disclosures) Regulations, 2014
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2020 CONDENSED STATEMENT OF CASH FLOW STATEMENT FOR THE YEAR
(Amounts in million shillings)
ENDED 31st DECEMBER 2020
Comparative
(Amounts in million shillings)
Year Ended 31 (Previous Year)
Dec 2020 31-Dec-19
Current Year Comparative
A. ASSETS Cumulative (Previous Year)
1 Cash 9,188 8,744 31-Dec-20 31-Dec-19
2 Balances with Bank of Tanzania 12,900 12,230
3 Investments in Government securities 28,037 23,780
4 Balances with other banks and financial institutions 11,959 7,007
I: Cash flow from operating activities:
5 Cheques and items for clearing 209 215 Net income(loss) 3,849 (5,438)
6 Inter branch float items 3 - Adjustments for:
7 Bills negotiated - - - Impairment/Amortization 2,193 2,120
8 Customers’ liabilities for acceptances - - - Net change in Loans and Advances 702 (27,140)
9 Interbank Loans Receivables 23,651 16,228 - Gain/loss on Sale of Assets - -
10 Investments in other securities 2,002 2,002
- Net change in Deposits 21,982 25,459
11 Loans, advances and overdrafts - -
(net of allowances for probable losses) 121,381 122,084 - Net change in Short Term Negotiable Securities 1,220 4,078
12 Other assets 3,019 2,518 - Net change in Other Liabilities (1,578) (1,016)
13 Equity Investments 539 539 - Net change in Other Assets (8,206) (6,486)
14 Underwriting accounts - - - Tax Paid (233) (301)
15 Property, Plant and Equipment 7,090 8,692 - Others SMR (2,162) 903
16 TOTAL ASSETS 219,979 204,038
Net cash provided (used) by operating activities 17,766 (7,821)
II: Cash flow from investing activities:
B. LIABILITIES
Dividend Received - -
17 Deposits from other banks and financial institutions - -
Purchase of Fixed Assets (678) (1,635)
18 Customer deposits 183,908 161,926
19 Cash letters of credit Proceeds from Sale of Fixed Assets 30 9
20 Special deposits - - Purchase of Non- Dealing Securities (4,257) 4,013
21 Payment orders/transfers payable - - Proceeds from Sale of Non-Dealing Securities - -
22 Bankers' cheques and drafts issued - - Others (specify) - -
23 Accrued taxes and expenses payable - -
24 Acceptances outstanding - - Net cash provided (used) by investing activities (4,905) 2,387
25 Interbranch float items - - III: Cash flow from financing activities:
26 Unearned income and other deferred charges - -
Repayment of Long-term Debt - -
27 Other liabilities 6,604 8,590
28 Borrowings 8,894 16,799 Proceeds from Issuance of Long Term Debt - -
29 TOTAL LIABILITIES 199,406 187,315 Proceeds from Issuance of Share Capital
30 NET ASSETS/(LIABILITIES) (16 minus 29) 20,573 16,723 Payment of Cash Dividends - -
C. SHAREHOLDERS’ FUNDS Net Change in Other Borrowings - -
31 Paid up share capital 20,615 20,615 Others (Lease hold Payment) (1,325) (1,294)
32 Capital reserves - -
33 Retained earnings (7,424) (4,741) Net Cash Provided (used) by Financing Activities (1,325) (1,294)
34 Profit (Loss) account 3,850 (6,583)
35 Other capital accounts 3,531 7,432 IV: Cash and Cash Equivalents:
36 Minority Interest - -
Net Increase/ (Decrease) in Cash and Cash Equivalents 11,536 (6,728)
37 TOTAL SHAREHOLDERS' FUNDS 20,573 16,723
38 Contingent liabilities 1,595 1,612 Cash and Cash Equivalents at the Beginning of the Year 35,693 42,421
39 Non performing loans & advances 12,599 26,134
40 Allowances for probable losses 4,848 9,308 Cash and Cash Equivalents at the end of Year 47,229 35,693
41 Other non performing assets - -
CONDENSED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2020
D.
(i) Shareholders Funds to total assets 9% 8% Amounts in million of shillings
(ii) Non performing loans to total gross loans 10% 20% Share Share Retained Regulatory General Others Total
(iii) Gross loans and advances to total deposits 69% 83% Provision
(iv) Loans and Advances to total assets 57% 64.3% Capital Premium Earnings Reserve Reserve
(v) Earning Assets to Total Assets 79% 80.9% Current Year 2020
(vi) Deposits Growth 14% 18.4% Balance at the beginning of the Year 20,615 - (11,324) 7,432 - 16,723
(vii) Assets growth 8% 14.1% Profit for the year - - 3,849 - - 3,849
Other Comprehensive Income - - - - - -
CONDENSED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR Transactions with owners - - - - - -
Dividends Paid - - - - - -
THE YEAR ENDED 31 DECEMBER 2020 Regulatory Reserve - - 3,900 (3,900) - -
General Provision Reserve - - - - - -
Amounts in million of shillings Others - - - - - - -
Balance as at the end of December 2020 20,615 - (3,575) 3,531 - - 20,572
Comperative
Current Year Year 31- Previous Year 2019
beginning the year 20,615 1,898 11 781 23,306
31-Dec-20 Dec-19 Profit for the year - - (6,583) - - - (6,583)
Other Comprehensive Income - - - - - - -
1 Interest Income 25,121 20,564 Transactions with owners - - - - - - -
2 Interest Expense (10,539) (8,300) Dividends Paid - - - - - - -
3 Net Interest Income (1 minus 2) 14,582 12,263 Regulatory Reserve - - (7,420) 7,420 - - -
4 Bad Debts Written-Off (4,103) 448 General Provision Reserve - - 781 - (781) - -
5 Impairment Losses on Loans and Advances 357 (4,540) Others - - - - - - -
6 Non Interest Income: 4,917 4,119 Balance as at the end of the Year 2019 20,615 - (11,324) 7,432 - - 16,723
6.1 Foreign Currency Dealings and Translation Gains/(Loss) 904 674
SELECTED EXPLANATORY NOTES
6.2 Fees and Commissions 3,217 3,040
6.3 Dividend Income - - Name and Title Signature Date
6.4 Other Operating Income 795 406 Respige O. Kimati
7 Non Interest Expenses: (16,007) (17,280) (Chief Executive Officer)
7.1 Salaries and Benefits (8,385) (8,449)
7.2 Fees and Commission - - Dennis F. Kejo
7.3 Other Operating Expenses (7,622) (8,831) (Chief Finance Officer)
3,849 (5,438)
8 Operating Income/(Loss)
Crispin Paul K
9 Income Tax Provision - (1,145)
(Chief Internal Auditor)
10 Net Income/ (Loss) After Income Tax 3,849 (6,583)
11 Other Comprehensive Income (itemize) - - The above extracts are from the financial statemates of the bank for the year ended 31st December 2020 which have been prepared in
12 Total comprehensive income/(loss) for the year 3,849 (6,583) accordance with International Financial Reporting Standard (IFRS) and companies act, cap 212, act mo. 12 of 2002.The financial Statements
13 Number of Employees 164 166 were audited by Ernst & Young,Certified Public Accountants and received a clean audit report.
14 Basic Earnings Per Share 187 (319)
15 Number of Branches 11 11 Name Signature Date
Prof. Marcellina Mvula Chijoriga
SELECTED PERFORMANCE INDICATORS Board Chairperson
…………………… (Signed) ………….
(i) Return on Average Total Assets 0.5% -5.3%
(ii) Return on Average Shareholders' Fund 20.6% -65.0% Ms. Uphoo Swai
(iii) Non Interest Expense to Gross Income 53.3% 70.0% Board Member
(iv) Net Interest Income to Average Earning Assets 8.7% 14.9% …………………… (Signed) …………..