Dar es Salaam, Feb. 6 -- ZANZIBAR: THE Peoples Bank of Zanzibar (PBZ) experienced remarkable growth last year, with its assets surging to 2.5tri/-, propelling it to become the seventh largest lender in Tanzania.

According to its recently published unaudited financial statement total assets increased by 500bn/- a 22 per cent rise from 2.0tri/- reported at the end of December 2023.

The lender also posted a 28 per cent increase in net profit, reaching 65.53bn/- last year. This places PBZ among the top ten most profitable banks in a highly competitive market of 33 commercial banks in Tanzania.

The growth is largely attributed to significant improvements in loans, advances, overdrafts, other assets and interbank loans.

PBZs Managing Direct...