Dar es Salaam. The Government’s support to the Tanzania Agricultural Development Bank (TADB) through the Office of the Treasury Registrar (OTR) is paying off, with the bank showing major growth.
For the financial year ending December 2024, the bank increased its dividend payment by 556 percent compared to the previous year.
TADB announced during its Annual General Meeting on Thursday, April 17, 2025, that it will pay a dividend of Sh5.583 billion for 2024, up from Sh850 million in 2023 a big step forward for the bank.
Speaking in Dar es Salaam after receiving the dividend, Treasury Registrar Representative Mr Mohamed Nyasama said the rise in dividends is clear proof that the government’s investment in the bank is working well.
Mr Nyasama, who is also the Director of Planning, Research, and Development at OTR, praised the bank’s board and staff for managing the bank effectively and helping more people in both Mainland Tanzania and Zanzibar access financial services.
“This is something to celebrate. The bank has done very well in its finances and investments,” he said.
He also noted that the bank’s non-performing loan (NPL) ratio dropped from 3.7 percent in 2023 to 2.7 percent in 2024. This means the bank is managing its loans better and becoming more efficient.
TADB’s Managing Director, Mr Frank Nyabundege, said the bank’s profit before tax increased by 31 percent from Sh18.8 billion in 2023 to Sh24.7 billion in 2024.
He said this growth was due to more lending activities, especially in agriculture, livestock, and fisheries.
According to Mr Nyabundege, the total amount of loans given out by the bank jumped from Sh331 billion in 2023 to Sh534 billion in 2024 an increase of more than 61 percent.
“These results show the strong support from the Government, especially under the leadership of President Dr. Samia Suluhu Hassan,” he said.
He added that since President Samia took office in 2021, the Government has shown great commitment to strengthening TADB because agriculture supports more than 67 percent of Tanzanians.
He said the Government invested Sh208 billion in the bank in 2021 and another Sh174 billion in 2024. These funds helped increase the bank’s capital from Sh60 billion to Sh442 billion.
Because of this, the bank’s total assets grew from Sh607 billion in 2023 to Sh917 billion in 2024 a 51 percent increase.
TADB Board Chairman Mr Ishmael Kasekwa said the board remains committed to professionalism and accountability to ensure the bank continues growing.