People’s Bank of Zanzibar Achieves Remarkable Growth, Becomes Seventh Largest Lender in Tanzania
The People’s Bank of Zanzibar (PBZ) has dramatically expanded its market position, reporting a substantial Sh500 billion increase in its asset base over the past year. The bank’s unaudited financial statements reveal impressive growth across multiple financial indicators.
In a landmark achievement, PBZ recorded a 27.77 percent rise in net profit, reaching Sh65.53 billion in 2024. Total assets surged to Sh2.5 trillion, representing a significant 22 percent increase from the previous year’s Sh2 trillion.
Key Performance Highlights:
– Net Profit: Sh65.53 billion (27.77% increase)
– Total Assets: Sh2.5 trillion (22% growth)
– Funded Income: Sh118.56 billion (18% rise)
– Non-Funded Income: Sh51.72 billion (35% increase)
The bank’s robust performance stems from strategic initiatives including digital transformation, expanded branch network, and innovative service channels. PBZ has strategically extended operations to mainland Tanzania, opening new branches in Morogoro, Mbeya, Mwanza, and Kinyasini.
A notable achievement is the bank’s agency banking network, now comprising 2,565 agents, which significantly enhances customer accessibility. Moreover, PBZ maintains an impressively low Non-Performing Loans ratio of just 2.03 percent, demonstrating exceptional credit risk management.
The bank’s diversified portfolio, featuring bancassurance and specialized financial products, has been crucial in attracting new customers and creating additional revenue streams. With these strategic moves, PBZ has solidified its position as a leading financial institution in Tanzania’s competitive banking landscape.
