Standard Chartered Bank Tanzania
A strong performance in 2002 and continued leadership in products and technology are the reasons why Standard Chartered Bank Tanzania (SCBT) has won the award again this year.
In 2002, the bank improved gain in net profit 25% on the previous year and achieved an ROE of 31%. There were also big gains in Tier 1 capital and assets. The bank became the first in Tanzania to have a loan book in excess of Tsh100bn ($94.8m), although its tight risk management should ensure that bad loans are kept below the average for Tanzanian banks.
Last year, SCBT continued to demonstrate its leadership in products and technology. With the largest foreign currency book in Tanzania, it launched a product that enabled its customers to maximise their yield on foreign currency deposits. It was also the first Tanzanian bank to employ structured trade finance and financed 38% of all cotton exports from the country in 2002.
On the technology front, the bank has pioneered the installation of cash machines around Tanzania as well as internet banking.
