Bloomberg News

Standard Bank’s Tanzanian Unit to Boost Earnings This Year

November 18, 2011

(Updates with nine-month earnings in third paragraph.)

Nov. 18 (Bloomberg) -- Standard Bank Group Ltd.’s Tanzanian unit said it expects earnings for the 12 months through December compared with a year earlier to increase after reporting a 16 percent rise in nine-month profit.

“The bank expects to do well, better than last year,” Stanbic Bank Tanzania Ltd. said yesterday in e-mailed response to questions today.

Net income for nine months to Sept. 30 advanced to 11.1 billion Tanzania shillings ($6.4 million) from 9.6 billion shillings, the lender said. Stanbic’s loans and advances climbed 51 percent to 449 billion shillings compared with a year earlier, while customer deposits advanced to 567 billion shillings from 451 billion shillings, it said.

--Editors: Gordon Bell, Hilton Shone

To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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