Tanzanian Bank Assets Triple Over Past Five Years, Report Says

Tanzania’s banks almost tripled the amount of assets they hold over the past five years as loans swelled, Serengeti Advisors Ltd. said.

Assets expanded to 15.3 trillion shillings ($9.9 billion) by December 2010 from 5.5 trillion shillings in 2006, the Dar es Salaam-based consultancy said in its Tanzania Banking Survey 2011 report released today.

The industry’s loan-book more than tripled to 5.9 trillion shillings in the period, while the number of lenders in East Africa’s second-biggest economy increased to 41 from 33, according to the report.

Tanzania’s three biggest banks by assets are FBME Bank Ltd., CRDB Bank Plc (CRDB) and National Microfinance Bank Plc, the report said.

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

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

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