The Tanzania Agricultural Development Bank (TADB) has announced a historic dividend payout of TZS 5.58 billion compared to TZS 850 million declared for the year ending December 2023. The announcement was made during the Annual General Meeting of shareholders for the year ending December 31, 2024, held at the Bank’s headquarters in Dar es Salaam.
Speaking during the meeting, a representative from the Treasury Registrar’s Office, Mr. Mohamed Nyasama, commended TADB’s outstanding performance, reaffirming the Government’s view of the bank as a strategic institution for agricultural transformation.
The Bank continues to perform strongly, reporting a profit of TZS 24.7 billion in 2024, which is a significant 31% increase from the previous year, driven by a 41% growth in net interest income.
In addition to this impressive profit, the Bank has remitted a record dividend of TZS 5.58 billion to the Government.
He expressed appreciation from the TR Office to TADB’s Board, Management, and Staff for ensuring stability, growth, and the successful expansion of services across both Mainland Tanzania and Zanzibar.
Chairman of the TADB Board of Directors, Mr. Ishmael Kasekwa, reaffirmed the Board’s commitment to sound governance and professionalism in fulfilling the bank’s development mandate.
TADB Managing Director Mr. Frank Nyabundege attributed the strong financial performance to increased loan disbursements across agriculture value chains.
In 2024, the bank’s profit before tax rose from TZS 18.8 billion to TZS 24.7 billion, reflecting a growth of 31%. This was driven by a 41% growth in net interest income, reflecting growth in the loan portfolio and strategic investments in high-yield financial assets.
Loans and advances to customers increased by 61% from TZS 331 billion in 2023 to TZS 534 billion in 2024, while the Bank’s total assets surged from TZS 607 billion to TZS 917 billion, representing a growth of 51%.
Despite the growth in Loans and advances, the bank’s Non-Performing Loans (NPLs) have improved from 3.8% in 2023 to 2.7% in 2024, reflecting enhanced loan quality.
To enhance its footprint, TADB opened a new Western Zone Office in Tabora, expanding services to Tabora, Katavi, and Kigoma.