Standard Chartered Bank
In recent years Tanzania has been one of Africa's fastest-growing countries, posting GDP up 6.3% in 2002, 5.6% in 2003 and 5.8% in 2004. That consistent growth has helped support the continued expansion of Tanzania's banking industry at both a retail and wholesale level. Barclays Tanzania, for example, posted net profits in 2004 up 38%. More recently Stanbic Tanzania has enjoyed a spectacular turnaround in its performance in the first quarter of 2005.
Standard Chartered Bank, however, takes this year's award for best bank in Tanzania based on its solid profitability and product innovation. Net revenues rose by 29% in 2004, and net profits before tax were up 42.4%. Loans and advances also grew by more than 51%, crossing the TSh200 billion mark ($180.7 billion), giving Standard Chartered the largest loan portfolio in Tanzania. That expansion continued in the first quarter of 2005, with loans and advances reaching TSh217 billion and net profits rising by 15% on the same period in 2004.
In terms of product innovation, highlights for Standard Chartered Tanzania in 2004/05 included the launch of a Visa Electron card and the relaunch of the Excel Banking Business product for high-net-worth individuals.