How Uchumi Bank ended 2024 remarkably, profit after tax increases by 17.46%
Uchumi Bank Management and shareholders in a group photo with some of the invited guests during the 19th Annual General Meeting of the bank held in Moshi, Kilimanjaro Region.
What you need to know:
- The total assets, customer deposits, loans, the number of customers, and the bank’s capital have all grown significantly.
Uchumi Bank, headquartered in Moshi Town, Kilimanjaro Region, has continued to perform well in the year 2024. The bank recorded a profit of Sh1.507 billion after tax, compared to a profit of Sh1.283 billion in 2023, an increase of 17.46%.
The Chairman of the Board of Directors of the bank, Dr. Heavenlight Kavishe, stated while presenting the bank’s report that, aside from the profit increase, the bank has also continued to perform well in other areas.
The Chairperson of the Board of Uchumi Bank, Dr. Heavenlight Kavishe, presents the bank’s report to shareholders at the 19th Annual General Meeting of Uchumi Bank in Moshi, Kilimanjaro Region recently.
The total assets, customer deposits, loans, the number of customers, and the bank’s capital have all grown significantly. The Assistant Bishop of the ELCT Northern Diocese, who represented the Bishop, praised the bank for its good performance in 2024 and encouraged shareholders to continue increasing the bank’s capital so it can expand its services and achieve greater goals.
Assistant to the Bishop of ELCT Northern Diocese, Rev. Deogratius Msanya, opens the 19th Annual General Meeting of Uchumi Bank with a word and prayer held recently in Moshi, Kilimanjaro Region.
In the same meeting, the bank’s Chief Executive Officer, CPA Samwel Wado, while presenting his report, stated that despite changing financial conditions and various challenges, the bank has continued to progress in key areas.
Customer deposits increased from Sh40.36 billion to Sh51.19 billion in 2024, representing a 26.83% rise. The bank’s assets grew from Sh55.08 billion to Sh69.42 billion, an increase of 26.03%.
Loans to customers rose from Sh36.9 billion to Sh43.11 billion, equivalent to an 18.71% increase. The bank’s total revenue grew from Sh8.32 billion to Sh9.34 billion, an increase of 12.26%.
The Chief Executive Officer of Uchumi Bank, CPA Samwel Wado, presents the bank’s report at the 19th Annual General Meeting of Uchumi Bank in Moshi, Kilimanjaro Region recently.
Moreover, the CEO informed shareholders that the bank’s asset quality has continued to improve, as the ratio of non-performing loans decreased from 11.02% to 9.4% in 2024, and by March 2025, it had further declined to 5%.
The CEO reassured shareholders of the bank’s continued commitment to deliver quality customer service. He added that the bank would continue to innovate, design attractive products for customers, operate with environmental responsibility, care for the community, and uphold good governance to strengthen its relationship with customers and stakeholders, ultimately ensuring the bank’s success.
CPA Baraka Moshi, representing the bank’s external auditor, Auditax International, congratulated Uchumi Bank for receiving a clean audit opinion for its 2024 financial statements.
He emphasized that the bank should continue operating with professionalism while complying with all established procedures, guidelines, and laws.
Delivering remarks on behalf of the Bank of Tanzania, Lusungu Godlove Mkolangunzi praised Uchumi Bank for its strong performance in 2024 and for its adherence to a sound governance framework that allows for open expression of views.
During discussions on the bank’s report, shareholders commended the Board of Directors, management, and staff for their successful efforts in 2024 and stressed the need for continued efforts to strengthen capital, increase profits, and manage loans effectively so the bank can achieve
