DSE out to foster investment literacy

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DAR ES SALAAM: DAR ES SALAAM Stock Exchange (DSE) yesterday staged a research challenge aimed at fostering financial and investment literacy among students from higher learning institutions.

The ‘CFA Institute Research Challenge 2023/2024 local competition’ supervised by the CFA Society East Africa intends to empower youth on various financial matters.

The DSE’s Acting Director, Ms Mary Mniwasa, said the event represents a unique opportunity to witness the youth competency aspiring financial professionals who have decided on the principles of integrity, professionalism, and ethical conduct.

“The challenge not only showcases youth’s analytical skills but also discloses the importance of ethics in the decision-making in an ever-evolving Eco finance,” Ms Mniwasa told reporters.

The stock exchange is committed to ensure financial literacy among Tanzanians through encouraging innovation.
The competition involved teams from Ardhi University, Mzumbe University, the University of Dar es Salaam (UDSM), and the University of Dodoma (UDOM).

CFA Institute Research Challenge is an annual global competition that connects university students with investment professionals from within the CFA Society network.
The CFA Society Administrator for Tanzania, Ms Lucy Shantiwa, said the challenge is focused on increasing the financial awareness and investment matters to higher learning students.

“We involve students for at least four to five months. They are allocated companies to conduct analysis and this year DSE has been picked as a case study,” said MS Shantiwa.

Additionally, Iddi Ernest, a student from UDOM said the challenge will enable them to analyse investment issues and give them a wide scope to know how to make a profit through investment, especially in the stock market.

The competition provides students with hands-on mentoring and intensive training in financial analysis and ethics and tests participants’ analytical, valuation, reporting writing, and presentation skills.

Local-level competitions are organised and judged by CFA Society members and volunteers who function as local hosts.

The winning university team from each local competition advances to one of the three regional competitions.

Maendeleo profit increases threefold in Q4

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TANZANIA: MAENDELEO Bank’s net profit increased three times in last year’s fourth quarter, attributed to a non-interest income raise.

The bank’s financial statement released recently displayed net profit soared to 776m/- in the three months to December last year from 258m/- in a comparative quarter in 2022.

The lender, with more than 124bn/- of assets, until last December, has a robust performance in profit attributed to the positive growth in non-interest income.

According to the report, non-interest income increased by 78 per cent to 916m/- from 514 m/- posted in 2022, with foreign currency dealings and fees and commissions being the drivers.

Foreign currency dealings and translation registered an 18m/- gain from the loss line of 2.0m/- posted in 2022 while fees and commissions increased by 39.2 per cent to 546m/- from 392m/-.

Despite the increase in non-interest income, the bank’s net interest income slightly went down in Q4.

The bank’s interest income, year-on-year decreased by 7.4 per cent to 2.65bn/- last year from 2.87bn/- despite the increase in the loan portfolio.

Until the end of last year, Maendeleo Bank managed to issue loans valued over 74bn/- from 70bn/- registered in Q3 ended in September last year.

Additionally, the lender’s customer deposits grew by 5.8 per cent to 83.4bn/- in Q4 from 78.8bn/-posted at the end Q3.

Non-performing loans (NPLs) significantly increased by 8.0 per cent to 3.76bn/- from 3.48bn/- posted last September.

The lender maintained the NPLs ratio until the end of December, standing at 5.0 per cent, matching with the Bank of Tanzania (BoT)’s threshold of 5.0 per cent.

Furthermore, the bank’s non-interest expenses have increased to 2.27bn/- from 2.01bn/- posted in a similar period of the previous year, pushed up by increased salaries and benefits.

According to the statement, salaries and benefits increased by 19.8 per cent to 997m/- from 832m/- posted in a similar period in 2022.

The increment is highly pushed by the increased number of staff to 119 until the end of December last year 114 in a similar period in a previous year.

Moreover, the bank’s number of branches increased to 30 from 10 recorded in 2022.

TBL appoints first female managing director in company’s 90-year history

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TANZANIA: Michelle Kilpin has been selected as the new Managing Director of Tanzania Breweries Limited (TBL), marking the first time in the company’s 90-year history that a woman has held this top position.

She succeeds Jose Moran, who is transitioning to a regional portfolio within the continent.

“TBL is honored to welcome Ms. Michelle Kilpin to the helm as our first-ever female Managing Director in its 90-year company history. Ms. Kilpin brings a wealth of invaluable experience, with over 19 years at our parent company, ABInBev, where she has consistently demonstrated exceptional expertise and achieved remarkable milestones across the African continent,” stated TBL in a public announcement published in Friday’s Daily News.

During her tenure as Managing Director of Zambia Breweries Limited, Ms. Kilpin’s leadership played a pivotal role in achieving topline growth and market share within the industry, according to TBL.

“As we embark on this new chapter with Ms. Kilpin, we encourage all stakeholders to join us in extending a warm and enthusiastic welcome to her as she becomes an integral part of the TBL family. Karibu Sana! Thank you for your continued support and commitment to the success of Tanzania Breweries Limited,” the statement concluded.