# Uchumi Bank records Sh1.42 billion in profit for the year 2023

## What you need to know:

**The ELCT Northern Diocese presiding Bishop, Dr Frederick Shoo commended the bank for its stellar financial performance for the year ended in December 2023.**

**Moshi.** Uchumi Bank has recorded a profit of Sh1.42 billion in the year 2023 compared to Sh966 million recorded in the year 2022 which is equivalent to an increase of 47.8 per cent.

Presenting his report during the 18th shareholders’ annual general meeting, the Bank’s Board Chairman, Wilson Ndesanjo stated:

“Despite the world reaping the whirlwinds of economic crisis in the year 2023, yet the bank sailed smoothly past the trials and grew its assets tremendously from Sh48.4 billion in 2022 to Sh55.08 billion in 2023.”

The ELCT Northern Diocese presiding Bishop, Dr Frederick Shoo commended the bank for its stellar financial performance for the year ended in December 2023.

Dr Shoo also pleaded with shareholders to significantly re-capitalize the business if they are to deliver on their commitments and prosper.

Going into details of the decorated report, Uchumi Bank Ltd Chief Executive Officer, CPA Samwel Wado told the shareholders that the year 2023 was the initial term for the execution of the bank’s five-year strategic business plan (2023- 2027).

In that period, the bank managed to raise customer deposits from Sh35.8 billion recorded in the year 2022 to Sh40.36 billion in 2023, an equivalent to an increase of 12.7 per cent.

Customer credits portfolio surged from Sh32.46 billion in the year 2022 to Sh36.9 billion in 2023 which is an increase of 11.9 per cent.

Despite the remarkable gains, the bank continued to recruit more customers from 33,453 in 2022 to 37,836 as of December 2023, which is an equivalent to an increase of 11.63 per cent.

Expounding further, the CEO said that they are fully prepared to provide their customers with the best banking services for this year driven with a strong focus on growing the bank’s capital, deposits, loans, customer base, profitability, assets as well as good return to its shareholders.

Additionally, CPA Wado pledged that the bank will continue to embrace rising high-tech innovations to extend their presence and cover a largest segment of the country’s population.

Plaudits continued to reign supreme among top leaders that were present at the AGM, and this time they came from the Bank of Tanzania (BoT)’s representative, Mr Robert Mshiu, who, however, advised the shareholders to re-inject the funds into the bank to remain stable and resilient to an ever-changing and competitive banking landscape.

For his part, an external auditor of the bank, CPA Straton Makundi from Auditax International, he landed congratulatory remarks to the bank for being granted a clean audit report as a result of the bank’s audited books for the financial year 2023.

In the long run, the bank’s shareholders also extolled such a scintillating performance by the management and ratified a presented concern to re-inject more capital.

Uchumi Bank appoints a new Board Chairman On another occasion, the bank’s shareholders appointed Dr Heavenlight Kavishe as a new Board Chairman replacing the retiring Ndesanjo.

Nonetheless, Mr Ndesanjo, in his departure note, thanked the shareholders, directors, management, staff and all other stakeholders for their cooperation during his tenure at the office.

Bishop Shoo took the moment to praise and thank the retiring chair amidst his exit and gave the successor a warm welcome to the service.

Finally, Dr Kavishe expressed his gratitude to the Shareholders and the Board for entrusting him with the role and promised before the mass that he will work hard in collaboration with other bank’s leaders towards achieving goals of the bank.

He then showed his determination to want to improve the lender’s products.