Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe The Tanzanian economy performed strongly in 2005 – real GDP growth was 6.8% – giving some hope to a population of more than 37 million with one of the world’s lowest per capita GDP figures at just $700 in 2005. Moreover, the government appears to be on the right track, with banking sector reforms steadily increasing investment in the sector and an internationally assisted regeneration programme established to rebuild the country’s shattered industrial infrastructure. The economy is expected to grow strongly in 2006 despite a severe drought earlier this year.
In this environment, banks have thrived. Barclays Bank is fast growing in the country – assets increased 87% to $316 million last year – but Standard Chartered is still the bank to beat. It recorded a net profit after tax of $7.7 million for the end of the year annual results – up 15% on the same period a year earlier. Loans and advances increased by $31.2 million – maintaining Standard Chartered’s status as the bank with the largest loan portfolio in Tanzania.