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News and Events

Covenant Bank records Tshs1.4 billion in Profits

Dar es Salaam, September 1, 2015 ... Covenant Bank has posted a profit of Tsh1.4 billion for the period ending June 2015. Speaking while announcing the results, the institution’s Managing Director, Sabetha Mwambenja also revealed that the bank made a profit of more than Tshs200 million in the month of July 2015.

Mwambenja was speaking at an event to celebrate the bank’s three years of operation in the market, a ceremony attended by board of directors as well as the media. The bank’s performance, she said, has been attributed by the unique services offered.

“The bank’s income for 2014/15 financial year grew from Tshs951 million to Tsh2.9 billion, while profits grew from Tshs5 million to Tshs1.4 billion,” she said, adding that, “Deposits grew from Tshs10.2 billion to Tshs13.4 billion, while donor funds amounted to Tshs2.23 billion.”

For her part, Covenant Bank Board Chair Person, Amb. Salome Sijaona hailed the bank’s Managing Director and staff for their commitment and the impressive performance.

“Since inception, Covenant Bank has been working closely with Tanzanians who get low incomes as well as those without formal employment. This has been the reason for the impressive profit records that the bank has realized since almost all financial institutions do not favor such citizens,” said Amb. Siajona.

“I call upon financial institutions to try and help these citizens. Covenant Bank has taken the lead and the outcome is good.”

At the same time, customers who have been banking with the Covenant Bank have sincerely thanked the bank for caring for their needs.